ArcelorMittal has received shareholder’s approval to convert the currency of share capital to US dollar, from the euro.

This is done with a view to simplify the company’s reporting process, as the company prepares its consolidated financial information in dollars and the parent company uses it as functional currency.

The company stated, “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.”

Read EquityPandit’s Technical Analysis of Indian Stock Market