ArcelorMittal (MT) trims Vallourec stake, channels US$667m into buybacks
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
ArcelorMittal is monetising part of its investment in Vallourec and directing the cash to shareholders. The company sold approximately 23.9 million Vallourec shares, or about 10.0% of Vallourec’s outstanding share capital, at EUR 24.00 per share, raising roughly US$667 million through an accelerated bookbuild to institutional investors.
The proceeds will be used for ArcelorMittal’s ongoing share buyback programme, effectively converting the gain on this stake into direct shareholder returns. After settlement, ArcelorMittal will still hold about 17.3% of Vallourec and one Board seat, and has agreed to a 90‑day lock-up on its remaining stake. Management presents this as part of a disciplined capital allocation strategy.
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Insights
ArcelorMittal reallocates Vallourec stake gains into buybacks.
ArcelorMittal has executed a secondary offering of approximately 23.9 million Vallourec shares, around 10.0% of Vallourec’s share capital, at EUR 24.00 per share, generating gross proceeds of about US$667 million. The sale was done via an accelerated bookbuilding to institutional investors, a common method for quickly placing large blocks.
The company states that all proceeds will fund its ongoing share buyback programme, turning a successful financial investment into immediate equity returns. ArcelorMittal retains a significant 17.3% stake and one Board seat at Vallourec, and has accepted a 90‑day lock-up on the remaining shares, signalling continued strategic interest while limiting near-term sale overhang.
In 2025, ArcelorMittal generated revenues of $61.4 billion, so the transaction is meaningful but not transformative at group scale. Future disclosures may clarify how this capital deployment aligns with broader investment needs, decarbonisation spending and balance sheet objectives.
Key Figures
Vallourec shares sold: 23.9 million shares
Portion of Vallourec capital sold: 10.0%
Offer price: EUR 24.00 per share
+5 more
8 metrics
Vallourec shares sold
23.9 million shares
Secondary offering to institutional investors
Portion of Vallourec capital sold
10.0%
Of Vallourec’s outstanding share capital
Offer price
EUR 24.00 per share
Sale price for Vallourec shares
Gross proceeds
US$667 million
Raised from Vallourec share sale
Remaining Vallourec stake
17.3%
ArcelorMittal ownership after settlement
Lock-up period
90 days
On remaining Vallourec stake post-settlement
2025 revenue
$61.4 billion
ArcelorMittal group revenue in 2025
2025 crude steel production
55.6 million metric tonnes
ArcelorMittal output in 2025
Key Terms
secondary offering, accelerated bookbuilding, share buyback programme, lock-up, +1 more
5 terms
secondary offering financial
"announces the successful pricing of its secondary offering of shares in Vallourec SA"
A secondary offering is when a company sells new shares of its stock to the public after its initial sale. This allows existing shareholders or the company itself to raise additional money. For investors, it can impact the stock’s price by increasing the total number of shares available, which may influence the stock’s value and how the market perceives the company’s financial health.
accelerated bookbuilding financial
"The transaction was conducted via an accelerated bookbuilding process to institutional investors."
An accelerated bookbuilding is a fast process where a company sells a large block of new or existing shares to a small group of institutional investors through a single, quick offering led by an investment bank. Think of it as a lightning auction: it raises cash or shifts ownership quickly, which can dilute existing holdings, change share supply, and affect the stock price, so investors watch these deals for signs of future supply and management intentions.
lock-up financial
"ArcelorMittal has agreed to a lock-up in its remaining stake in Vallourec for 90 calendar days"
A lock-up is an agreement that prevents company insiders, early investors or employees from selling their shares for a set period after a public share offering. It matters to investors because it temporarily limits the number of shares available to trade—like a scheduled hold on extra inventory—and when that hold ends a large number of shares can enter the market, potentially putting downward pressure on the stock price and revealing insiders’ confidence in the company.
integrated steel and mining companies financial
"ArcelorMittal is one of the world’s leading integrated steel and mining companies"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
—————————
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
—————————
Dated May 19, 2026
Commission File Number: 001-35788
ARCELORMITTAL
(Translation of registrant’s name into English)
24-26, Boulevard d’Avranches
L-1160 Luxembourg
Grand Duchy of Luxembourg
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
On May 19, 2026, ArcelorMittal published the press release attached hereto as Exhibit 99.1 and hereby incorporated by reference into this report on Form 6-K.
Exhibit Index
| Exhibit No. | Description | ||||
Exhibit 99.1 | ArcelorMittal unlocks value through partial sell-down of its shareholding in Vallourec with proceeds allocated to share buybacks | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ARCELORMITTAL
Date 19 May 2026
By: /s/ Henk Scheffer
Name: Henk Scheffer
Title: Company Secretary & Group Compliance & Data Protection Officer
Exhibit 99.1
press release
ArcelorMittal unlocks value through partial sell-down of its shareholding in Vallourec with proceeds allocated to share buybacks
19 May 2026, 08:00 CET
ArcelorMittal SA (“ArcelorMittal” or “the Company”) today announces the successful pricing of its secondary offering of shares in Vallourec SA (“Vallourec”). ArcelorMittal has sold approximately 23.9 million shares in Vallourec, representing approximately 10.0% of Vallourec’s outstanding share capital, at an offer price of EUR 24.00 per share, raising gross proceeds of approximately US$667 million. The transaction was conducted via an accelerated bookbuilding process to institutional investors.
The transaction reflects ArcelorMittal’s disciplined approach to capital allocation and portfolio management. The sale proceeds will be returned to ArcelorMittal shareholders via the Company’s ongoing share buyback programme.
ArcelorMittal remains supportive of Vallourec’s strategy and management team and continues to see value in the company. Following the settlement of the transaction, ArcelorMittal will retain approximately 17.3% of Vallourec’s share capital and will continue to hold one seat on Vallourec’s Board of Directors.
Settlement is expected to occur on or around 21 May 2026.
ArcelorMittal has agreed to a lock-up in its remaining stake in Vallourec for 90 calendar days following the settlement date, subject to customary carve-outs.
Commenting, Genuino Christino, Chief Financial Officer, ArcelorMittal, said:
“This step underlines our commitment to deploying capital in a way that delivers clear, measurable returns for shareholders. By realising value and returning the proceeds to shareholders through buybacks, we are converting a strong investment outcome into immediate, tangible benefits.
“More broadly, it is another example of how we have consistently executed our strategy in recent years - investing in high-return opportunities to develop ArcelorMittal into a more resilient, higher-quality business, capable of delivering sustainable value for shareholders through the cycle.”
ArcelorMittal acquired its initial shareholding in Vallourec in 2024 (https://corporate.arcelormittal.com/media/news/regulatory-news/arcelormittal-acquires-strategic-stake-in-vallourec) and continues to view the company as a high-quality business with a strong market position.
1
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 14 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2025 generated revenues of $61.4 billion, produced 55.6 million metric tonnes of crude steel and 48.8 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
http://corporate.arcelormittal.com/
ArcelorMittal Investor Relations contact information | |||||
General | +44 20 7543 1128 | ||||
Retail | +44 20 3214 2893 | ||||
Bonds/Credit | +33 171 921 026 | ||||
E-mail | investor.relations@arcelormittal.com | ||||
ArcelorMittal Corporate Communications contact information | |||||
Paul Weigh | |||||
Tel: | +44 20 3214 2419 | ||||
E-mail | press@arcelormittal.com | ||||
2
FAQ
What transaction did ArcelorMittal (MT) announce involving its Vallourec stake?
ArcelorMittal completed a secondary offering of approximately 23.9 million Vallourec shares, about 10.0% of Vallourec’s share capital. The shares were sold to institutional investors via an accelerated bookbuilding process at EUR 24.00 per share.
What is ArcelorMittal’s remaining ownership in Vallourec after the transaction?
Following settlement, ArcelorMittal will retain approximately 17.3% of Vallourec’s share capital and will continue to hold one seat on Vallourec’s Board of Directors. This preserves a significant strategic stake despite the partial sell-down.
How large is ArcelorMittal’s overall business compared with this transaction?
In 2025, ArcelorMittal generated revenues of $61.4 billion, produced 55.6 million metric tonnes of crude steel and 48.8 million tonnes of iron ore. The roughly US$667 million Vallourec sell-down is meaningful but small relative to overall group activity.