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Baosteel 'to benefit from Shanghai FTZ'

Updated: 2013-08-27 16:31
By Wang Ying in Shanghai (

Baoshan Iron and Steel Co Ltd, one of the nation's largest steelmakers, will benefit from Shanghai's free trade zone, sources said.

"Shanghai's free trade zone will bring opportunities for Baosteel, especially in raw materials, investment, finance and steel sales," He Wenbo, chairman of the steelmaker, said during an online interim report briefing.

He also said the company had no plans to list overseas, but will not rule out the possibility.

There are three key factors in deciding whether to list overseas: large capital demand, proper timing and an acceptable share price for A-share investors, he added.

The Shanghai-based steelmill reported 3.7 billion yuan ($604 million) net profit in the first half, down 61 percent year-on-year. Last year's figures were boosted by the sale of its stainless steel and special steel sectors.