Aperam announces a share buy back program
Luxembourg, 30 January 2018 - Aperam announces today a share buyback program under the authorization given by the annual general meeting of shareholders held on 5 May 2015 (the “Program”).
Aperam will appoint an investment services provider to execute the repurchases of shares in the open market during open and closed periods.
Aperam intends to repurchase per day a variable number of shares at market price, for an aggregate maximum amount of one hundred (100) million US dollars and a maximum of 1.8 (one point eight) million shares, over a period from 2nd February 2018 up until 31 December 2018. The price per share, of the shares to be bought under the Program, shall not exceed 110% of the average of the final listing prices of the 30 trading days preceding the three trading days prior to each date of repurchase, in accordance to the resolution of the annual general meeting of shareholders held on 5 May 2015.
Simultaneously, the Mittal family has declared its intention to enter into a shares repurchase agreement with Aperam, to sell each trading day on which Aperam has purchased shares under the Program, an equivalent number of shares, at the proportion of the Mittal family’s stake of 40.89% of Aperam, at the same price as the shares repurchased on the market. The effect of the share repurchase agreement is to maintain Mittal family’s voting rights in Aperam’s issued share capital (net of Treasury Shares) at the current level, pursuant to the Program.
The shares so acquired under this buyback program are intended to be cancelled to reduce the share capital of Aperam.
Aperam is a global player in stainless, electrical and specialty steel, with customers in over 40 countries. The business is organized in three primary operating segments: Stainless & Electrical Steel, Services & Solutions and Alloys & Specialties.
Aperam has 2.5 million tonnes of flat Stainless and Electrical steel capacity in Brazil and Europe and is a leader in high value specialty products. Aperam has a highly integrated distribution, processing and services network and a unique capability to produce stainless and specialty from low cost biomass (charcoal). Its industrial network is concentrated in six production facilities located in Brazil, Belgium and France.
In 2017, Aperam had sales of USD 5.1 billion and shipments of 1.94 million tonnes.