ArcelorMittal Streamlines Capital Structure, Boosting Shareholder Value

LUXEMBOURG – November 21, 2025 – ArcelorMittal, the world’s leading steel and mining company, announced today the cancellation of 77,809,772 treasury shares, effectively reducing the total number of shares in issue to 775,000,000. This strategic move, announced just yesterday, is being viewed as a strong signal of the company’s financial health and commitment to enhancing shareholder value.

Capital Allocation and EPS Impact

The cancellation of these shares is a direct result of ArcelorMittal’s ongoing capital allocation strategy, designed to optimize its financial structure and return value to investors. While the company retains approximately 14.4 million treasury shares for its Long-Term Incentive Plan, the significant reduction in shares outstanding is expected to have a positive impact on earnings per share (EPS). Analysts estimate that the move could increase EPS by as much as 10% assuming consistent net income.

“This isn't just about reducing the share count; it’s about demonstrating confidence in the future,” said one financial analyst familiar with the company. “ArcelorMittal clearly believes it has sufficient capital to pursue its strategic goals while also rewarding shareholders.”

The decision to cancel shares, rather than pursue other options like dividends or acquisitions, reflects a calculated approach to capital management. Reducing the denominator in the EPS calculation effectively amplifies the value attributable to each remaining share.

Consistent Share Reduction Strategy

This latest share cancellation is not an isolated event. ArcelorMittal has consistently engaged in share buyback and cancellation programs over the past several years. In April 2023, the company cancelled 25 million treasury shares, and prior to that, in May 2022, it cancelled 60 million shares. This pattern demonstrates a long-term commitment to managing its capital structure effectively.

“The company has been quite disciplined about its capital allocation,” explained a source close to the company. “They've consistently used buybacks and cancellations to return capital to shareholders when they believe it's the best use of funds.”

The company’s consistent approach has built trust with investors, who view it as a shareholder-friendly organization. This move is anticipated to strengthen that reputation further.

Industry Context and Peer Comparison

The steel industry has seen a trend of companies engaging in share buybacks and cancellations, as they navigate fluctuating market conditions and strive to maximize shareholder value. Nucor, a leading US steel producer, has also actively repurchased shares, while POSCO, a South Korean steel giant, has utilized similar strategies in the past.

“Across the steel sector, we’re seeing a focus on capital discipline,” noted an industry observer. “Companies are realizing that returning capital to shareholders can be a very effective way to boost stock prices and attract investors.”

ArcelorMittal’s decision aligns with this broader industry trend, reinforcing its position as a leading player in the global steel market. The fact that several of its peers are also employing similar strategies validates the approach.

Moreover, the company’s action isn't being seen as reactive to market conditions, but a proactive decision that’s been planned for some time. The fact that ArcelorMittal has maintained a strong financial position even during periods of volatility further supports this view.

Luxembourg Stock Exchange Confirmation

For transparency and accountability, the details of the share cancellation have been officially filed with the Luxembourg Stock Exchange, where ArcelorMittal is listed. The exchange’s official database, OAM, now reflects the reduced number of shares outstanding, confirming the accuracy of the information. This adherence to regulatory requirements underscores the company’s commitment to corporate governance and investor confidence.

“It’s important for companies to be transparent about these types of actions,” commented a market analyst. “Filing the information with the exchange ensures that investors have access to accurate and reliable data.”

The confirmation from the Luxembourg Stock Exchange provides further assurance that the share cancellation has been executed properly and in compliance with all applicable regulations.