September 08, 2008

Baosteel eying overseas listing

China's largest steel producer Baosteel Group has expressed ambitious plans for a greater overseas presence, saying that it hoped to list abroad and would look into foreign acquisitions.

Mr Xu Lejiang chairman of Baosteel at a briefing in Beijing told reporters that "I believe that Baosteel will definitely list in the international markets. It will not just be in order to raise funds. We also want to list overseas to show that we are an internationalized company."

Mr Xu added that there were no immediate plans for an overseas sale of shares in Baosteel, which had been listed in Shanghai since 2000, and he did not provide details about the precise time or place for an overseas listing.