Steel giant Baoshan Iron and Steel (Baosteel) has not scrapped its proposed listings in Hong Kong and New York, according to company officials. The plan would be revived after the international stock and steel markets rebounded, said Wu Dongying, vice-director of Shanghai Baosteel Group, Baosteel's parent. 'Baosteel and Baosteel Group have made the technical preparations for overseas listings,' Mr Wu said. 'The primary factor [for the delay] is the sluggish international markets.' He said the listing vehicle would be Baosteel, which reported 1.59 billion yuan (about HK$1.49 billion) in net profit in the six months to June. The initial public offering (IPO) might involve the sale of some state-held shares, said Baosteel vice-president Zhao Zhouli. In September 1999, Baosteel Group, China's largest steel-maker, unveiled a plan to float part of its assets in Hong Kong and New York to raise about US$1 billion in the first half of last year. Merrill Lynch was appointed as the listing sponsor. The plan has since been put on the backburner due to the cooling of steel stocks in the global equity markets. The firm instead proceeded with a 7.7 billion yuan domestic A-share IPO in December last year. Baosteel recently secured a contract to supply steel sheets to Italian car-maker Fiat. The leading car-sheet producer in China sees international car-makers as a promising market for its steel products. Under the contract, Baosteel would ship 100,000 to 200,000 tonnes of steel sheets to Fiat each year, said Mr Zhao. The shipments would be sold at international prices.