ArcelorMittal (MT) Sells Remaining 38.2M Shares of Cleveland-Cliffs (CLF), Announces $750M Buyback
- Wall Street surges to all-time closing high on earnings, economic revival
- Was Intel's (INTC) Second Quarter a Speedbump or Inflection?
- Twitter (TWTR) Gains After Beating Q2 Estimates, Analysts Raise PTs as Brand Recovery Accelerates
- U.S. dollar on track for second week of gains; Fed meeting in focus
- Snap (SNAP) Surges 17% After Smashing Q2 Views Across the Board to Yield a Dozen Price Target Hikes
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
ArcelorMittal North America Holding (NYSE: MT), a wholly owned subsidiary of ArcelorMittal SA, announces today the conclusion of the sale of its remaining 38.2 million common shares in Cleveland-Cliffs Inc. (NYSE: CLF) following receipt of the shares on 9 June 2021.
The value crystalized from this sale of Cleveland-Cliffs common shares* will be returned to shareholders via a new $750 million share buyback program of ArcelorMittal common shares. This new share buyback program will commence immediately and follows the previous buyback program which is now complete.
The disposal of the remaining common shares in Cleveland Cliffs brings the total cash proceeds from the sale of ArcelorMittal USA to $1.9 billion so far, all of which will have been returned to ArcelorMittal shareholders via share buybacks.
ArcelorMittal North America Holdings LLC continues to hold non-voting preferred stock redeemable at Cleveland-Cliffs’ option for approximately 58 million common shares or cash equivalent to the value of such common shares.
*equivalent to approximately $20 per common share.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ArcelorMittal invests $25 million in Form Energy
- Snap (SNAP) Surges 13% Following Earnings, Guidance
- Jabil (JBL) Announces New $1 Billion Share Repurchase Authorization
Create E-mail Alert Related CategoriesInsider Trades, Stock Buybacks, Trader Talk
Related EntitiesCrude Oil, Stock Buyback
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!