Baoshan Iron and Steel Co Ltd, the country's biggest steelmaker, plans to spend 5 billion yuan ($786.88 million) to buy back its own shares for no more than 5 yuan a share.The steel industry has trouble ahead due to overcapacity, but Baosteel's shares are trading around their lows of the past 12 years.
The decision comes after the company's stock value declined to a new low and will make the Shanghai-based steelmaker, commonly known as Baosteel, the country's first blue-chip company to buy back its own shares this year. Analysts have said they expect other companies in the same league to soon conduct similar transactions.
RBA oil tanker swings dovish
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The Reserve Bank of Australia (RBA) has released its March Monetary Policy
Decision, which, as expected, kept the official cash rate (OCR) on hold at
4.3...
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