ArcelorMittal MT recently completed the third share buyback program. The buyback program was announced on Jun 18, 2021 under the authorization given by the annual general meeting of shareholders of Jun 13, 2020 and Jun 8, 2021.
ArcelorMittal had bought back 24,458,524 shares for roughly €630,358,341.54 (around $749,999,853.18) at an average price of €25.77 per share by market close on Jul 5, 2021. The proceeds of this sale will be returned to ArcelorMittal’s shareholders through the buyback program.
The acquired shares are intended to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities and/or to reduce its share capital.
Shares of ArcelorMittal have surged 171.5% in the past year compared with 144.4% rise of the industry.
Image Source: Zacks Investment Research
ArcelorMittal, in its last earnings call, stated that it envisions global apparent steel consumption (“ASC”) to increase 4.5-5.5% in 2021. The figure suggests an improvement from contraction of 1% in 2020. The global steel industry is now benefiting from a favorable supply-demand balance and a low inventory environment, the company noted. ArcelorMittal expects ASC to grow on a year-over-year basis in 2021 in all of its core markets.
The company also revealed its priorities for the rest of the year, which include maintaining a competitive cost advantage to strategically grow through high-return projects in high-growth markets. It also intends to leverage existing infrastructure to develop iron ore resources, consistently return cash to shareholders through a defined capital return policy as well as lead on sustainable development.
ArcelorMittal Price and Consensus
ArcelorMittal price-consensus-chart | ArcelorMittal Quote
Zacks Rank & Other Key Picks
ArcelorMittal currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are Nucor Corporation NUE, Olin Corporation OLN and Cabot Corporation CBT.
Nucor has a projected earnings growth rate of around 386.2% for the current year. The company’s shares have surged 141.5% in a year. It currently flaunts a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Olin has an expected earnings growth rate of around 506.7% for the current year. The company’s shares have skyrocketed 308.3% in the past year. It currently carries a Zacks Rank #1.
Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 59.7% in the past year. It currently flaunts a Zacks Rank #1.
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July 09, 2021 at 09:27PM
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ArcelorMittal (MT) Wraps Up Third Share Buyback Program - Yahoo Finance
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