ArcelorMittal shareholders approve converting share capital currency to US dollar

The world's leading steelmaker ArcelroMittal today said it has got shareholders' nod to convert the currency of share capital to US dollar from the euro.

The steel giant said the move is aimed at simplifying the company's reporting process given the fact that the company prepares its consolidated financial information in dollars and the parent company uses it as functional currency.

"The Extraordinary General Meeting (EGM) of shareholders of ArcelorMittal held today in Luxembourg approved the resolution on the EGM agenda by a strong majority. The sole proposal was to change the currency of the share capital from Euro to US dollar," the company said in a statement.

It said 69.2 per cent of the voting rights were represented at the general meeting.

The EGM had resolved to change the currency of the share capital of the Company from Euro into US Dollars based on the exchange rate as published by the European Central Bank and to convert the existing issued share capital of Euros 306.57 million, represented by 1,021,903,623 fully paid up shares, the company said.

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.

In 2017, ArcelorMittal had revenues of USD 68.7 billion and crude steel production of 93.1 million tonnes, while own iron ore production reached 57.4 million tonnes.