ArcelorMittal sells its remaining 38.2 million shares in Cleveland-Cliffs and the proceeds are used to buy its own shares. This was announced by the steel giant on Friday morning.
ArcelorMittal is setting up a new $ 750 million stock purchase program. The programme will start immediately.
Earlier this year Mittal also sold shares in Cleveland-Cliffs.
A total of $ 1.9 billion will be paid out to shareholders ArcelorMittal in the form of purchasing their own shares.