ArcelorMittal today announced that Geert Van Poelvoorde will retire as CEO of ArcelorMittal Europe and member of the Group Management Committee at the end of July. He will transition to the role of Chairman of the Board of ArcelorMittal Europe Steel. Van Poelvoorde joined the company in 1989 as a project engineer in Ghent and has held various leadership positions across Europe.

Leadership Transition

Aditya Mittal, CEO of ArcelorMittal, highlighted Van Poelvoorde's contributions over the past twenty years. He noted that Van Poelvoorde pivoted the European business towards a safer, cleaner, and more digital future. Key initiatives included introducing dynamic pricing and launching green steel certificates to create value from lower carbon products.

Career Highlights

Van Poelvoorde's career spanned 37 years in the steel industry. He progressed through roles in operations and engineering in Bremen and Ghent. He became CEO of ArcelorMittal Ghent in 2008 and later served as CEO Business Division North and CEO Flat Carbon Europe. He has led ArcelorMittal Europe since 2021 and served as President of Eurofer from 2015 to 2022.

Future Outlook

Van Poelvoorde expressed confidence in the future of European steelmaking, citing the introduction of TRQ on July 1 and the implementation of CBAM. He stated that the segment is safer and stronger following the transition to lower-carbon steelmaking. He will continue to represent the company at Eurofer in his new capacity as Chairman.

ArcelorMittal has commenced the second tranche of its share buyback programme, covering up to 10 million shares, following the completion of the first tranche. The company repurchased 10 million shares in the initial phase at an average purchase price of €49.32 per share. These repurchased shares are currently held in treasury and will be cancelled in due course. The second tranche begins immediately under the authorization granted by the annual general meeting of shareholders on 6 May 2025.

The share buyback programme spans from 2025 to May 2030. The actual volume of shares repurchased in various tranches depends on the level of post-dividend free cash flow generated, continued shareholder authorization, and market conditions. ArcelorMittal’s policy is to return a minimum of 50% of post-dividend annual free cash flow to shareholders.

Objectives of the Programme

The shares acquired under the programme are intended for specific corporate purposes:

• Reduce ArcelorMittal’s share capital
• Meet obligations arising from employee share programmes

Programme Details