By Joshua Kirby

ArcelorMittal said Friday that it has concluded the sale of its remaining stake in Cleveland-Cliffs Inc. and that the proceeds will be returned to shareholders via a share buyback.

The steelmaker's subsidiary ArcelorMittal North America Holding completed the sale of 38.2 million common shares in Cleveland-Cliffs, held as part of a sale of ArcelorMittal USA to the miner agreed last year. The proceeds will be returned to shareholders in a buyback worth $750 million, beginning immediately, ArcelorMittal said.

The buyback takes the total returns from the sale of ArcelorMittal USA to $1.9 billion so far, the company said. ArcelorMittal retains non-voting preferred stock redeemable at Cleveland-Cliffs's option for approximately 58 million common shares.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

06-18-21 0231ET