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.


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