Editorial Summary

State-owned Sinosteel Corporation president Huang Tianwen said on December 5 that the company has received approval from the State Council to list the entire company, reports China Securities Journal. The company is now awaiting approval from the State-owned Assets Supervision and Administration Commission. Huang did not disclose how much Sinosteel plans to raise.

Sinosteel is also looking for a Hong Kong listing after it goes public in Shanghai, said the report quoting an insider. According to the insider, Sinosteel will list 95 percent of its total assets, excluding its logistics business.

The company recorded 61 billion Yuan in revenue and more than 900 million Yuan in profit in 2006, and expects to record 80 billion Yuan in revenue in 2008.

Also on December 5, Sinosteel signed a strategic cooperation contract with Baoshan Iron & Steel Co., Ltd.'s (600019.SH) parent company Baosteel Group, according to an announcement on Sinosteel's website. The cooperation will focus on raw material supplies, iron alloy supply including chrome iron and nickel iron, equipment supplies, domestic and overseas natural resource development and technology cooperation. Shares of Baoshan Steel fell 0.36 percent to close at 16.5 Yuan on Thursday on the Shanghai Stock Exchange.