ArcelorMittal to sell 40 million Cleveland-Cliffs shares

Tuesday, 09 February 2021 16:38:17 (GMT+3)   |   Istanbul

Global steelmaker ArcelorMittal has announced that its subsidiary ArcelorMittal North America Holdings LLC has reached an agreement to sell 40 million Cleveland-Cliffs common shares through a fully underwritten public market offering.

The proceeds from the sale of Cleveland-Cliffs common shares will be used for a new share buyback program of ArcelorMittal common shares. Following the sale, ArcelorMittal North America will continue to hold approximately 38 million common shares in addition to shares of non-voting preferred stock redeemable at Cleveland-Cliffs’ option for an equivalent value of approximately 58 million common shares.

ArcelorMittal received $505 million cash and 78 million shares of Cleveland-Cliffs common stock in December last year, as SteelOrbis previously reported.

Most Recent Related Articles

AISI calls on new US commerce secretary to maintain Section 232

US DOC revises AD margins for HRC from Japan and Australia

US issues preliminary result of CVD review on HRC from Hyundai Steel

US DOC assigns zero dumping margin for HRC imports from Hyundai Steel

AISI supports Congressional Steel Caucus to maintain steel import measures