ArcelorMittal to buy back 44M shares

Steelmaker ArcelorMittal approved the repurchase of 44 million shares, an amount equal to the number issued when Mittal bought Arcelor last month.

In a statement early Wednesday, ArcelorMittal said the company has 2 years to execute the repurchase. It plans to either cancel the shares or use them as a currency for future "corporate opportunities," the company said.

Based on the company's stock price Tuesday, 44 million shares would cost $3.18 billion.

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- Posted: 2007-12-12 09:40:03

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