ArcelorMittal buys back four million shares worth $89 million

The shares acquired under this programme "are intended to meet ArcelorMittal's obligations arising from employee share programmes", the company said

Global steel giant ArcelorMittal Tuesday said it has repurchased four million shares worth $89 million under its share buyback programme.

The steel major bought back shares at an average price of 19.894 euro. The company on February 7 had announced the launch of the share buyback programme.

"ArcelorMittal has repurchased 4 million shares for a total value of approximately Euro 79,577,540 (equivalent $89,679,370) at an approximate average price per share of Euro 19.894," the company said in a statement.

The shares acquired under this programme "are intended to meet ArcelorMittal's obligations arising from employee share programmes", it added.