By Pierre Bertrand

ArcelorMittal on Thursday said that it will start a new share buyback program for up to 85 million shares through May 2025.

The new buyback comes as the Luxembourg-based steelmaker said that it had already repurchased 19.1 million shares so far this year and completed its previously announced buyback program. It added that this brought the total reduction in diluted share count since Sept. 30, 2020 to 31%.

"We remain confident in our ability to generate healthy free cash flow this year and have therefore announced a new share buyback today," Chief Executive Officer Aditya Mittal said.

ArcelorMittal said the level of its share repurchases will reflect, and will be subject to, the level of post-dividend free cash flow generated over the period.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

May 04, 2023 04:18 ET (08:18 GMT)

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