The world's largest steel producer, owned by billionaire tycoon Lakshmi Mittal, wants a "level playing field" when it comes to competing with other companies "because these conditions are not applicable in the other countries, " according to Samaddar.
The rest was split among shareholders who could satisfy numerous conditions and use various formulas to calculate an applicable loss, which by the time the cheques arrived last year worked out at as little as a cent on the dollar.
The program will be conducted in compliance with the Securities and Exchange Commission's Rule 10b-18 and applicable legal requirements and shall be subject to market conditions and other factors.