ArcelorMittal to sell some of its shares in Cleveland-Cliffs

ArcelorMittal to sell some of its shares in Cleveland-Cliffs
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ArcelorMittal North America Holdings LLC, a wholly owned subsidiary of Luxembourg-based ArcelorMittal S.A., says it has agreed to sell 40 million shares of United States-based Cleveland-Cliffs common stock “through a fully underwritten public market offering.” The total represents about half of the Cleveland-Cliffs common shares held by ArcelorMittal.

The divestment will help the steelmaker reap “additional proceeds from the transaction with Cleveland-Cliffs   [finalized] on Dec. 9, 2020,” involving the sale of three basic oxygen furnace (BOF) and two electric arc furnace (EAF) steelmaking complexes in the U.S. from ArcelorMittal to Cleveland-Cliffs.

The proceeds from the sale of Cleveland-Cliffs common shares will be used for a new ArcelorMittal share buyback program, with details and conditions of the buyback to be announced in mid-February, ArcelorMittal says.

Following the sale of 40 million Cleveland-Cliffs common shares, ArcelorMittal North America Holdings LLC will continue to hold approximately 38 million common shares in addition to shares of nonvoting preferred stock redeemable at Cleveland-Cliffs’ option, adding up to an equivalent value of approximately 58 million common shares.

A registration statement relating to the common shares being sold in the offering has been filed with the Securities and Exchange Commission (SEC), according to ArcelorMittal.

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Source: Recycling Today
ArcelorMittal to sell some of its shares in Cleveland-Cliffs
<![CDATA[ArcelorMittal North America Holdings LLC, a wholly owned subsidiary of Luxembourg-based ArcelorMittal S.A., says it has agreed to sell 40 million shares of United States-based Cleveland-Cliffs common stock “through a fully underwritten public market offering.” The total represents about half of the Cleveland-Cliffs common shares held by ArcelorMittal.The divestment will help the steelmaker reap “additional proceeds from the transaction with Cleveland-Cliffs   [finalized] on Dec. 9, 2020,” involving the sale of three basic oxygen furnace (BOF) and two electric arc furnace (EAF) steelmaking complexes in the U.S. from ArcelorMittal to Cleveland-Cliffs. The proceeds from the sale of Cleveland-Cliffs common shares will be used for a new ArcelorMittal share buyback program, with details and conditions of the buyback to be announced in mid-February, ArcelorMittal says.Following the sale of 40 million Cleveland-Cliffs common shares, ArcelorMittal North America Holdings LLC will continue to hold approximately 38 million common shares in addition to shares of nonvoting preferred stock redeemable at Cleveland-Cliffs’ option, adding up to an equivalent value of approximately 58 million common shares.A registration statement relating to the common shares being sold in the offering has been filed with the Securities and Exchange Commission (SEC), according to ArcelorMittal.]]>