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ArcelorMittal to Increase Share Capital
06/18/2009 - ArcelorMittal shareholders approve a proposal to increase the company’s authorized share capital during this week’s Extraordinary General Meeting of shareholders in Luxembourg.
ArcelorMittal shareholders approved the sole resolution on their agenda — to increase the company’s authorized share capital — during this week’s Extraordinary General Meeting of shareholders in Luxembourg.
A total of 746,489,458 shares, representing 52.5% of the company's share capital, were present or represented at the meeting, and more than 97% of the shares present or represented voted in favor of the resolution.
The now-approved resolution renews and broadens the ArcelorMittal Board of Director’s authorization to increase the company’s issued share capital by a maximum of 168,173,653 shares during a period of five years.
The company said it will now issue 112,088,263 new shares to settle the Common Stock Offering announced on 29 April 2009 and closed on 6 May 2009. Following this issuance, which is scheduled for 22 June 2009, the total number of issued ArcelorMittal shares will be 1,560,914,610.
ArcelorMittal is the world's largest steel company, with operations in more than 60 countries. The company leads major global steel 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. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognizes that it has a significant responsibility to tackle the global climate change challenge; it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10% of world steel output.
