(Il Sole 24 Ore Radiocor) - Milano, 19 mag - Luxembourg-based steel company ArcelorMittal said it has sold 23.9 million shares of French tube maker Vallourec, representing some 10% of share capital, at 24 euros each, raising gross proceeds of some 667 million dollars.

The transaction was conducted via an accelerated bookbuilding process to institutional investors.

"The transaction reflects ArcelorMittal's disciplined approach to capital allocation and portfolio management. The sale proceeds will be returned to ArcelorMittal shareholders via the company's ongoing share buyback programme," it said.

ArcelorMittal remains supportive of Vallourec's strategy and management team and continues to see value in the company.

Following the settlement of the transaction, ArcelorMittal will retain approximately 17.3% of Vallourec's share capital and will continue to hold one seat on Vallourec's board of directors.

Settlement is expected to occur on or around May 21, 2026.

ArcelorMittal has agreed to a lock-up in its remaining stake in Vallourec for 90 calendar days following the settlement.

date, subject to customary carve-outs.

(RADIOCOR) 19-05-26 08:17:59 (0183) 5 NNNN