Shandong Iron and Steel Company Ltd. (SHSE:600022) announces a share repurchase program. Under the program, the company will repurchase up to CNY 400 million worth of its shares. The shares will be repurchased at a price not more than CNY 1.98 per share.

The repurchases will be funded using company's own funds. The shares repurchased will be used to implement equity incentives and unused portion will be canceled in accordance with the law, and the company's registered capital will be reduced accordingly. The program will be valid for 12 months.