Shougang Corp to list A shares

Steel producer Shougang Corp is preparing to list domestic A shares by the end of the year, according to a source. Shougang would list seven of its main plants under a company called Beijing Shougang Co. Funds raised from the issue would be used for technical upgrading. Beijing municipal authorities had approved the listing but further approval of the size of the listing was needed from securities regulators, the unnamed source said. The company earned 966 million yuan (about HK$897.41 million) from its steel operations last year, with net profits of 324 million yuan.