The Board of Directors of Korea Refractories Co. Ltd. (KOSE:A010040) authorized a share repurchase program on July 16, 2012. Under the program, the company will repurchase up to 1,600,000 shares for KRW 5.54 billion based on the share price of KRW 3,465 per share on July 15, 2012. The repurchases will be made on the stock exchange for the purpose of stabilizing share prices. The repurchases will commence on July 19, 2012, and will end on October 19, 2012. As of July 15, 2012, the company has no shares in treasury. E*TRADE Korea Co., Ltd. acted as broker to Korea Refractories for the buyback transaction.