26
May
01:00
Baosteel lists packaging arm to boost captive demand
China’s Baosteel has received approval for the listing of Shanghai Baosteel Packaging and intends to invest the funds in expanding its can-making capacity by 3.32 billion units/year. The move will likely boost Baosteel’s packaging steel sales as well as its corporate profits, Kallanish notes.
Baosteel packaging will be able to offer up to 208 million shares on the Shanghai Stock Exchange out of a total of 833m shares issued. It hopes to raise CNY…
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