Cleveland-Cliffs Inc.’s board has authorized the company to buy back its outstanding common shares.

Under the share repurchase program, Cleveland-Cliffs will have the flexibility to buy up to $200 million worth of shares via acquisitions in the open market or privately negotiated transactions, including through accelerated share repurchases or pursuant to the terms of a Rule 10b5-1 plan.

The company is not obligated to make any purchases and the program may be suspended or discontinued at any time. The authorization is active until December 31, 2019.

"The disconnect between our strong profitability and the current volatility in the capital markets has created a highly accretive use of capital by buying back our own common shares," CEO Lourenco Goncalves said in a statement. "Similar to what we did a few years ago with our debt repurchases at deep discounts, we will not fight the tape; but we will definitely take advantage of this unique opportunity the market has given to us."

It's been a relatively slow deal year for Cleveland-Cliffs. Around mid-year, the company exited its Australia iron ore business and a month later, it won its Minnesota land dispute.