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ArcelorMittal Concludes Share Buy-Back Program, Initiates Another

12/19/2007 - ArcelorMittal announces the completion of its 27-million-shares buy-back program, and the start of its share buy-back program for up to 44 million shares.

ArcelorMittal announced the December 13 completion of its 27-million-shares buy-back program that was announced on June 12, 2007. The shares were repurchased at an average price of EUR 50.15 per share, and for a total amount of EUR 1,354 million.
 
ArcelorMittal also announced the start of its share buy-back program for up to 44 million shares, which was announced on December 12. This program has a 2-year term, and shares bought under this program may be used in potential future corporate opportunities or for cancellation.
 
To initiate and execute the first part of this program, ArcelorMittal has given a mandate to SG Securities s.a.s with the following terms:
 
  • The maximum price per ArcelorMittal share is not to exceed 120% of the 12-month moving-average closing price on the market on which the transactions are made. For off-market transactions, the maximum purchase price will be 120% of the 12-month moving-average closing trading price on Euronext Paris.
  • The minimum price to be paid is to be no less than the par value of the share at the time of repurchase.
  • In regards to timing, this share buy-back mandate is expected to start on December 18, 2007 and is to end at the earliest of (i) February 18, 2008 and (ii) the moment on which the number shares acquired by ArcelorMittal (since the start of this mandate) attains 6 million shares.
 
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
 
ArcelorMittal’s key pro forma financials for 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.