Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel) has announced that as of December 3 it has spent RMB 1.81 billion ($291 million), including commissions, to buy back 393 million of its own shares, paying between RMB 4.51 and RMB 4.69 per share. The volume of shares purchased is equivalent to 2.2 percent of Baosteel’s total shares.
In August this year, Baosteel stated its intention to repurchase one billion of its own shares, or 5.7 percent of its total equity. The plan was officially approved on September 17 at a shareholders’ meeting.