ArcelorMittal (MT) said Tuesday it has completed the first phase of its share buyback program and is immediately launching a second tranche.

The steelmaker purchased 10 million shares during the initial round and plans to buy up to an additional 10 million shares under the new tranche, the company said.

It intends to use the repurchased equity to lower its share capital and fulfill obligations for employee stock programs, ArcelorMittal said.