Baosteel hasn't given up plan to be listed overseas

China's largest steel maker, Baoshan Iron and Steel Co. (Baosteel) has never given up its plan of being listed overseas, said its president Xie Qihua here Friday.

Xie said Baosteel had planned to be being listed on overseas market since the founding of the company in 2000.

The plan was delayed because international steel stocks remained in the doldrums during the past few years and that the government hoped Baosteel could "stay in the domestic capital to improve listing assets structure of China's stock market," said the entrepreneur.

"But we have never given up the plan and have continued doing the preparatory work," Xie said, adding that Baosteel will come into the overseas market on a proper occasion.

The company announced Friday that it would implement its plan of raising approximately 25 billion yuan (about 3 billion US dollars) by issuing an additional five billion A-shares.

In a prospectus posted by the company, Baosteel said it would use the proceeds to buy assets from its state-run parent Shanghai Baosteel Group Corp. and affiliates worth 27.5 billion yuan (some 3.31 billion US dollars).

Two billion of the additional shares will be issued to public investors, while the remaining three billion shares will be offered to its parent company.

Yet analysts said this will not fully meet Baosteel's requirement and that to be listed in the foreign market is an inevitable step for the company to become a transnational steel giant.