ArcelorMittal announced a share buyback program of $570million while it will also resume dividend payments.

This comes in addition to the £650million buyback in connection with its sale of 40 million common shares in Cleveland-Cliffs.

The company also plans to pay a $0.30 dividend after suspending payouts last year.

A statement from the steel and mining company read: “The shares acquired under the program are intended to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or reduce its share capital.

“ArcelorMittal intends to repurchase shares for an aggregate maximum amount of $650 million in accordance with the AGM Authorisation and applicable market abuse regulations. The Program will commence today (15 February).

“Furthermore, on completion of the Program, ArcelorMittal will commence a further share buyback program for an aggregate amount of US$570 million, in-line with the Company’s new capital returns policy announced on 11 February in the Company’s fourth quarter and full year 2020 financial results. 

“Both share buybacks programs will be completed by 31 December 2021.”

Read the full statement here.

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