Jiangsu Shagang Group, the mainland's largest private steelmaker, says it remains open to finding a strategic investor and seeking an overseas listing when the market situation improves, even if it succeeds in an A-share back-door listing. Shen Wenrong, chairman of the Zhangjiagang, Jiangsu-based group, also said in an interview with Caijing magazine that the company may inject more quality assets into acquisition target Gaoxin Zhangtong if the acquisition of the Shenzhen-listed firm wins approval from shareholders and the securities watchdog. 'Using Zhangtong as the group platform to list all the group's assets is one possibility. But we haven't given up another possibility - seeking an overseas listing after introducing a strategic investor,' Mr Shen said. In 2007, US investment bank Goldman Sachs at one point wanted to buy a 10 per cent stake in Shagang for 6.6 billion yuan (HK$7.5 billion), Caijing reported, citing a senior executive from the steelmaker. Goldman also helped prepare Shagang's overseas listing plan that was scrapped in late 2007 after it failed to win the approval of related government departments and was later affected by the breakout of the global financial turmoil, according to the magazine. 'If it is good for the future development of Shagang, letting other companies have a relatively large stake in the company is acceptable,' said Mr Shen, the largest shareholder of Shagang with a 29.8 per cent stake. Mr Shen also said the government might approve the company's overseas listing plan in the future, noting that the importance of private enterprises in the country's economy was growing. At the moment, Shagang is pinning its expansion hopes on the approval of a 2.23 billion yuan deal to acquire debt-ridden Zhangtong. According to the plan announced last month, Zhangtong, a copper-tube maker also based in Zhangjiagang, will issue new shares to Shagang, giving the steelmaker a 76 per cent stake, in exchange for a 63.8 per cent stake in Shagang's unit, Huaigang Special Steel. The assets Shagang will sell to Zhangtong account for about 20 per cent of Shagang's 27 million tonnes annual steel production capacity. Zhangtong, which had its bank accounts frozen after failing to repay debts, incurred a loss of 148 million yuan in the first nine months of last year.