ArcelorMittal announced it has sold a $667 million stake in French steel pipe manufacturer Vallourec, representing approximately 10% of the company's outstanding share capital.

The Luxembourg-based steelmaker said it plans to channel the proceeds from the divestment to shareholders through its ongoing share buyback program.

The transaction reduces ArcelorMittal's holdings in Vallourec, which specializes in steel tubes used in the oil and gas industry. The sale comes as ArcelorMittal continues its strategy of optimizing its portfolio and returning capital to investors.

ArcelorMittal has been actively pursuing shareholder-friendly capital allocation policies, including regular dividend payments and share repurchases as part of its commitment to delivering returns to investors.