Business
Baosteel mulls NYSE listing: Report http://www.ndtvprofit.com/homepage/storybusinessnew.asp?template=&whichstory=n&id=35736
Associated Press
Thursday, January 11, 2007 (Shanghai):
China's No. 1 steel maker Shanghai Baosteel Group Corp. plans to sell shares in New York sometime this year, a state-run newspaper reported Thursday.
State-owned Baoshan Iron & Steel Corp., Baosteel's unit with shares traded in Shanghai, has not given a timeline for its longtime plans to sell shares overseas.
The state-run Shanghai Securities News, citing unnamed sources, said the company had decided on an initial public offering by about November. It provided no other details. Baosteel spokesman Meng Haibiao refused comment.
"I can't confirm this report. We have no information to release at the moment," Meng said in a phone interview.
The company has also refused comment on reports it may allow Japanese rival Nippon Steel Corp. and South Korea's Posco to take stakes.
China is the world's biggest consumer and producer of steel.
Shanghai-based Baosteel, the country's biggest steel maker, has announced plans to boost its own steel-making capacity to 30 million tons from the current 22 million tons over the next few years.
The company aspires to become one of the world's top three steel makers by 2010, with annual output of up to 60 million tons.