LINKFUL International Holdings will invest $126 million in steel-related business to capitalise on rising demand in Asia. The steel trader, which will offer its shares next week, has forecast a profit of at least $68 million for the six months to June 30 and a total dividend of 9.1 cents for the year. To improve its earnings quality, Linkful will use part of the new capital to buy vessels, warehouses and strengthen port facilities. ''Hongkong and China markets account for more than 44 per cent of its sale of steel in 1992, and given that China is estimated to lack 20 million metric tonnes of steel per year, the margin for growth still exists,'' managing director Justin Chu Chung-kin said. The company plans to issue 120 million new shares and 30 million old shares at $1.38 each. Three per cent of the existing capital would also be placed with a steel supplier. The placement and new issue will raise about $230 million for the company and vendor. Magnitogorsk, the largest steel mill in Russia, accounts for about 46.7 per cent of Linkful's purchases of steel. Under an agreement signed with the Russian state-owned conglomerate, Linkful can call on the group for delivery before December 31, 1997, of a total of 7.2 million tonnes of steel products. In return, Linkful is obliged to arrange for financing of US$420 million for building production and welfare facilities for Magnitogorsk. Linkful executive director Christopher Chan Chee-tseng said the financing obligation was part of the return for the steel supply in the years to 1997. Over the past three years, Linkful has shown spectacular growth with its net profit rising from $26 million to $103 million and its turnover from $687 million to $3.2 billion. Mr Chu said the company planned to invest $75 million in stages in a joint venture with Chongqing Steel of China.