ArcelorMittal To Sell About $652 Mln Of Cleveland-Cliffs Shares

ArcelorMittal said that it will sell 40 million Cleveland-Cliffs common shares through a fully underwritten public market offering for gross proceeds of $651.6 million.

ArcelorMittal noted that it will use the proceeds from the sale of Cleveland-Cliffs common shares for a new share buyback program of ArcelorMittal common shares.

ArcelorMittal said, following the sale of 40 million of Cleveland-Cliffs common shares, it will continue to hold about 38 million common shares in addition to shares of non-voting preferred stock redeemable at Cleveland-Cliffs' option for an equivalent value of about 58 million common share.

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