Beijing, China-based steelmaker General Steel Holdings, Inc. (General Steel) has announced that its board of directors has approved a share repurchase program, to be funded from its available cash balance.
Under the terms of the program, General Steel may repurchase in the open market or in privately negotiated transactions up to an aggregate of 1,000,000 shares of the company's common stock. The program does not have an expiration date and the timing of the repurchases and the exact number of shares of common stock to be purchased will be determined by the management of the company, and will depend upon market conditions and other factors.
"Demand for our steel products remains strong as China continues to invest substantially in developing the infrastructure of its Western rural areas," General Steel's chairman and CEO Henry Yu said, adding that the repurchase program reflects confidence in the future growth potential of the company's business.