ACERINOX: ANNOUNCES € 150 M SHARE BUYBACK SCHEME (ANÁLISIS BANCO SABADELL)
The company has just announced a share buyback and cancellation programme totalling € 150 M (~5% of market cap) and covering a maximum of 10.8 M shares, equivalent to ~4% of the capital. The programme comes into force today 20 December, and will end on 6 May 2022. Moreover, the board has also proposed to pay out a dividend of € 0.50/sh. charged to results of Financial Year 2021 (0% vs. 2020, in line with expectations and 4.7% yield).Acerinox is the parent company of a group engaged in the manufacture and sale of flat and long stainless steel products, and stainless steel wires. Co.'s major products include slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. Co. also provides long stainless steel products, such as wire rods, angles, hot rolled flat bars, hot rolled re-bars, reinforced bars in coils, cold rolled re-bars, hot rolled black bars, cold drawn bars, and smooth turned bars. In addition, Co. offers wires, welding wire bars, and bars for electrodes.
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