Shareholders of Shanghai-based Chinese steel giant Baosteel have approved a plan by the company to buy back RMB 5 billion ($786.88 million) of its own shares, at a shareholders meeting held on September 17, as reported by Chinese media sources. In the share buyback, Baosteel is expected to pay not more than RMB 5 per each share.
At the same meeting, Baosteel shareholders approved by a plan by the company to use RMB 20 billion ($3.16 billion) from the sale of its stainless and special steel assets and RMB 20 billion from bank loans in the construction of its new Zhanjiang steel production base.