Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel) has announced that as of February 28 it has spent RMB 2.304 billion ($367 million), including commissions, to buy back 492 million of its own shares, paying between RMB 4.51 and RMB 5 per share. The volume of shares purchased is equivalent to 2.8 percent of Baosteel’s total shares.
In August last year, Baosteel stated its intention to repurchase one billion of its own shares, or 5.7 percent of its total equity. Baosteel has now completed close to 50 percent of its planned share purchases.