(RTTNews) - ArcelorMittal S.A. (MT), a steel manufacturing corporation, on Monday announced the commencement of a new share buyback of up to 10 million.
The company intends to use the net proceeds to reduce ArcelorMittal's share capital.
ArcelorMittal will launch a repurchase of the first tranche for up to 10 million shares immediately, as of approval in the AGM on April 30.
The number of shares repurchased in each tranche of the program will depend on how much free cash flow is left after paying dividends.
As per the company's policy, at least 50% of this post-dividend cash flow will be returned to shareholders.
In the pre-market trading, ArcelorMittal is 5.42% lesser at $23.40 on the Nasdaq.
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