03
Mar
02:38
Chongqing Steel repurchases own shares to stablise market
Chongqing Iron & Steel (Chonggang) in Sichuan province announced on 2 March that it plans to repurchase its own shares between 2 March and 20 May to bolster its share price, Kallanish notes.
Chonggang intends to use its own capital to repurchase 45-50 million shares capped at CNY 2.3 ($0.33) per share. The total cost is estimated to be CNY 104-115 million.
The steelmaker says the decision originated from its confidence in its sustainable develo…
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Anonymous
Very good overview of the weekly steel market.
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