Shares of the ArcelorMittal (MT) were climbing in the intraday trading session today on December 14, 2021. MT stock price saw a push of 5.10% to reach $1.49 a share at the time of this writing. The MT stock was gloomy in the previous trading session and went down by 0.03% at closing. Let’s take a closer look at this stock to understand the current happenings.
What’s Happening?
ArcelorMittal recently announced that it has signed the repurchase agreements with certain holders of the company. These holders represent 5.50% of the company’s Mandatorily Convertible Subordinated Notes due 2023. According to the agreements, the MT will repurchase an aggregate principal amount of $395 million of the notes approximately. The repurchase price which MT will pay will be based on the volume-weighted average price of the ordinary share of the ArcelorMittal stock during the period of price determination.
$608 million aggregate principal amount of the Notes will remain outstanding after the completion of the transactions. MT will announce the repurchase price after the end of the price determination period.
Previous Development of MT stock:
On December 9, 2021, MT did announce that it had invested US$30 million in LanzaTech via its XCarb™ innovation fund. ArcelorMitta launched the fund in March 2021, since then, this is the fourth investment of the company. The relationship between MT and LanzaTech started in 2015 and this investment further expanded it. In 2015, MT announced its intention to use LanzaTech’s carbon capture and re-use technology at its plant in Ghent, Belgium.
From the steelmaking process, LanzaTech’s technology of gas fermentation captures carbon-rich waste gases. These gases are then converted into sustainable fuels and chemicals. LanzaTech is also involved in converting the captured emissions into a variety of other chemical building blocks. The purpose behind this is to make useful materials such as rubber, textiles, and packaging.
2022 Financial Calendar of MT stock:
On December 2, 2021, ArcelorMitta announced its 2022 financial calendar according to which
- The company will announce full year and fourth quarter 2021 financial results on February 10, 2022.
- ArcelorMittal released the first quarter of 2022 financial results on May 5, 2022.
- On July 28, 2022, the company will announce the second quarter and first half of 2022 financial results.
- The company will announce third quarter 2022 financial results on November 10, 2022.
Wrap Up:
The sentiment is positive for ArcelorMittal stock as investors are happy to hear the recent news of the company. The stock outperformed in 2021 as it gained 29.10% year to date.
