What’s new: Inner Mongolia Baotou Steel Union Co. Ltd. has bought back 43.41 million shares worth 49.98 million yuan ($7.06 million) as of April 30, according to a Friday filing to the Shanghai Stock Exchange.
The company’s biggest shareholder, Baotou Iron and Steel Group Co. Ltd., also announced Tuesday that it will buy an additional 2 billion yuan to 4 billion yuan worth of Baotou Steel Union shares.
The buyback aims to prop up Baotou Steel Union’s stock price.
