Arcelormittal Stock Price, News & Analysis

ArcelorMittal has announced the availability of a notification regarding a share transaction by a Designated Person, such as Directors or Executive Officers. This notification complies with Article 19(3) of Regulation (EU) No 596/2014 on market abuse. Investors can access the details of this transaction on the Luxembourg Stock Exchange’s electronic database OAM and on the ArcelorMittal website under Investors > Corporate Governance > Share Transactions by Management.

ArcelorMittal has announced a share buyback program with a maximum amount of US$650 million, authorized by its AGM in June 2020. This program will help meet obligations related to debt exchangeable into equity securities and reduce share capital. Following this, a second program worth US$570 million will commence, aligning with the company's capital returns policy. Both buyback programs are set to be completed by 31 December 2021. The share repurchase agreement ensures that the Significant Shareholder maintains their voting rights.

ArcelorMittal announces a leadership transition with Aditya Mittal promoted to Chief Executive Officer, effective immediately. He succeeds Lakshmi N. Mittal, who will take on the role of Executive Chairman. The change follows the company's strong performance amidst 2020 challenges and aims to enhance its position as a global leader in steel production. Aditya emphasized the importance of decarbonization and sustainability in future strategies. Genuino Christino is appointed as the new Chief Financial Officer.

On February 11, 2021, ArcelorMittal (MT) reported its financial results for Q4 and FY 2020, revealing a net loss of $0.7 billion, a significant improvement from a $2.5 billion loss in 2019. The company achieved $1.5 billion in free cash flow despite a challenging market, with steel shipments down 18.2% to 69.1 million tonnes. Operating income was $2.1 billion, up from a loss the previous year. ArcelorMittal's gross debt dropped to $12.3 billion, the lowest since the 2006 merger. The company also initiated a $500 million share buyback program and a proposed dividend of $0.30 per share.

ArcelorMittal North America Holdings LLC has announced an agreement to sell 40 million shares of Cleveland-Cliffs through a fully underwritten public market offering. This sale is part of a combined public offering and will contribute proceeds for a new share buyback program. Following this transaction, ArcelorMittal will retain approximately 38 million shares of Cleveland-Cliffs and other preferred stock. The registration statement for this offering has been filed with the SEC, and additional details on the buyback program will be shared after 15 February.

On October 5, 2020, ArcelorMittal launched a tender offer to purchase outstanding 6.125% notes due 2025, with a total value of U.S.$249,886,000 tendered. The offer expired on October 13, 2020, and the company anticipates accepting the validly tendered notes on October 15, 2020, with cash payments expected on the settlement dates. BBVA Securities, Citigroup, HSBC, Mizuho, and Natixis served as dealer managers for this offer. The company aims to strengthen its financial position through this offer, which is part of its broader strategy in managing its debt obligations.

On October 5, 2020, ArcelorMittal commenced an invitation for bondholders to sell up to €1 billion in bonds. The offer was subject to conditions and expired on October 13, 2020. The company accepted offers totaling €263,583,000 for 3.125% Notes and €133,121,000 for 0.95% Notes, both accepted at significant purchase prices. The settlement is expected on October 15, 2020, with all accepted bonds to be canceled thereafter. The shares of ArcelorMittal trade under the ticker 'MT' on multiple stock exchanges.

On October 13, 2020, ArcelorMittal Europe unveiled its CO2 technology strategy aimed at providing green steel solutions. The company plans to deliver 30,000 tonnes of green steel by year-end, increasing to 120,000 tonnes in 2021 and 600,000 tonnes by 2022. Key strategies include utilizing hydrogen in DRI-EAF and blast furnaces and expanding Smart Carbon technology. Projects across various sites will reduce CO2 emissions significantly. Funding applications for these initiatives are being prepared for the EU’s Innovation Fund, supporting the goal of a 30% CO2 emissions reduction by 2030 and achieving net zero by 2050.

ArcelorMittal has initiated an invitation for bondholders to offer their bonds for cash, with a maximum acceptance amount of €1.0 billion. This includes the outstanding €750 million 3.125% Notes due January 14, 2022, and €500 million 0.95% Notes due January 17, 2023. The invitation period runs from October 5, 2020, to October 13, 2020. The company aims to reduce its gross debt by repurchasing these bonds, with the 2022 Bonds set at a purchase price of 103.6% and the 2023 Bonds at 99.8%. Settlement is expected on or around October 15, 2020.