The Wall Street Journal-20080122-Sinosteel Corp-- Share Listing Is Planned In Shanghai and Hong Kong
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China's Sinosteel Corp. plans to list shares in Shanghai and then in Hong Kong in the second half of this year to raise US$1.5 billion, a person familiar with the situation said. A Sinosteel official confirmed the company plans to list on the two markets, but declined to give further details on the share sales. The State Council has approved the listing plan, the official said. He said the company is still discussing the plan with the state-owned Assets Supervision and Administration Commission. The company has appointed BOC International Holdings Ltd. and UBS AG to handle the initial public offerings, the Sinosteel official said. Sinosteel has domestic and overseas operations and provides various services to steelmakers, including providing raw materials such as iron ore, and engineering, technology support and equipment manufacturing.
