ArcelorMittal to Repurchase Up to 85 Million Shares in New Buyback Push
04 May 2023 - 6:33PM
Dow Jones News
By Pierre Bertrand
ArcelorMittal on Thursday said that it will start a new share
buyback program for up to 85 million shares through May 2025.
The new buyback comes as the Luxembourg-based steelmaker said
that it had already repurchased 19.1 million shares so far this
year and completed its previously announced buyback program. It
added that this brought the total reduction in diluted share count
since Sept. 30, 2020 to 31%.
"We remain confident in our ability to generate healthy free
cash flow this year and have therefore announced a new share
buyback today," Chief Executive Officer Aditya Mittal said.
ArcelorMittal said the level of its share repurchases will
reflect, and will be subject to, the level of post-dividend free
cash flow generated over the period.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
May 04, 2023 04:18 ET (08:18 GMT)
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