Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel) has announced that as of January 4 it has spent RMB 1.92 billion ($305 million), including commissions, to buy back 414 million of its own shares, paying between RMB 4.51 and RMB 4.87 per share. The volume of shares purchased is equivalent to 2.3 percent of Baosteel’s total shares.
In August 2012, Baosteel had stated its intention to repurchase one billion of its own shares, or 5.7 percent of its total equity.