The world's largest steelmaker ArcelorMittal announced on November 29 the reopening of its share buy-back program for up to six percent of its share capital, within the scope of the authorization given by the annual general meeting of shareholders held on May 11, 2010.
The program will be used to partially or totally hedge ArcelorMittal's current and future obligations under securities giving access to its share capital and share-based employee incentive plans.
This program enables ArcelorMittal to acquire or sell its own shares in accordance with applicable laws and regulations, including by selling treasury shares it currently holds, entering into off-market, over-the-counter transactions and through call options and other derivative financial instruments.
To initiate and execute this program, ArcelorMittal will, among other things, enter into financial agreements with one or more credit institutions.
The execution of this share buy-back is expected to start on November 29, 2010 at the soonest and will end on December 1, 2011 at the latest.