CAPITAL STOCK |
9 Months Ended |
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Sep. 30, 2022 | |
| Stockholders' Equity Note [Abstract] | Ìý |
| CAPITAL STOCK |
NOTE 14 - CAPITAL STOCK
Share Repurchase Program
On February 10, 2022, our Board of Directors authorized a program to repurchase outstanding common shares in the open market or in privately negotiated transactions, which may include purchases pursuant to Rule 10b5-1 plans or accelerated share repurchases, up to a maximum of $1Ìýbillion. We are not obligated to make any purchases and the program may be suspended or discontinued at any time. The share repurchase program does not have a specific expiration date. During the three and nine months ended SeptemberÌý30, 2022, we repurchased 2.0Ìýmillion and 10.5Ìýmillion common shares, respectively, at a cost of $34 million and $210Ìýmillion in the aggregate, respectively.
Underwritten Public Offering
On February 11, 2021, we sold 20Ìýmillion of our common shares and 40Ìýmillion common shares were sold by an affiliate of ArcelorMittal in an underwritten public offering. In each case, shares were sold at a price per share of $16.12. Prior to this sale, ArcelorMittal held approximately 78Ìýmillion of our common shares, which were issued as a part of the consideration in connection with the AM USA Transaction. We did not receive any proceeds from the sale of the 40Ìýmillion common shares sold on behalf of ArcelorMittal. We used the net proceeds from the offering, plus cash on hand, to redeem $322Ìýmillion aggregate principal amount of our outstanding 9.875% 2025 Senior Secured Notes.
Preferred Stock
We have 3 million shares of Serial Preferred Stock, Class A, without par value, authorized and 4 million shares of Serial Preferred Stock, Class B, without par value, authorized; no preferred shares are issued or outstanding.
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- References No definition available.
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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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