ArcelorMittal (MT) Announces $1.4B Share Buyback

Following publication of the second quarter 2022 and half year 2022 results press release dated 28 July 2022 (the “ER Press Release”)1, ArcelorMittal (NYSE: MT) announces a new share buyback program of 60,431,380 shares in the amount of approximately US$1.4 billion (at current share price2) (the “Program”) under the authorization given by the annual general meeting of shareholders of 4 May 2022, bringing the total 2022 buybacks announced so far to approximately US$3.4 billion. For the background to this Program, reference is made to the ER Press Release. The Program is expected to be completed by the end of May 2023, subject to market conditions.

The Significant Shareholder has decided not to participate in the Program consistent with the position announced in the press release dated 25 February 20223.

The shares acquired under the Program are intended:

1) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities;2) To reduce ArcelorMittal’s share capital, and/or;3) To meet ArcelorMittal’s obligations arising from employee share programs.

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