13
Aug
14:31
Stelco to buy back, cancel 13% of shares
Canadian steelmaker Stelco plans to repurchase and cancel more than 11 million of its common shares, Kallanish learns from a company statement.
The approximately 11.4m shares - 13% of the total issued - will be purchased from LG Bedrock Holdings at a per-share price of CAD 34.93 ($27.89), or a total of about CAD 398m. The shares will then be canceled, concentrating value in the remaining shares.
Stelco notes that the transaction will also serve to div…
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Anonymous
Very good overview of the weekly steel market.
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