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ArcelorMittal shareholders approve converting share capital currency to US dollar

Press Trust of India  |  New Delhi 

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

The 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

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

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

The EGM had resolved to change the currency of the share capital of the Company from into US Dollars based on the exchange rate as published by the 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.

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

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 16 2018. 19:45 IST