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PrintChina's largest listed steelmaker Baoshan Iron and Steel Co Ltd announced that as of January 4, the company had spent approximately CNY 1.92 billion (USD 310 million) buying back 414 million of its own shares.
According to the ChinaScope Financial, purchase prices ranged from CNY 4.51 to CNY 4.87 per share.
Baosteel recently canceled 390 million shares through the Shanghai branch of the China Securities Depository and Clearing Corporation. The company’s total shares have decreased from 17.5 billion to 17.1 billion. The repurchased shares account for approximately 0.14 percent of the new total equity.
The repurchase is intended to safeguard the company's share price and increase investor confidence. Mr Ma Guoqiang general manager of Baosteel said in September that the company looked forward to using up the CNY 5 billion quota in the buyback.
Though one of the world's largest steel producers, Baosteel is still seeking ways turn a profit as the steel industry suffers from high production costs.
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