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China's Jiugang plans $994 mln share placement

Tue May 12, 2009 10:48pm EDT

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SHANGHAI, May 13 (Reuters) - Gansu Jiu Steel Group Hongxing Iron & Steel Co Ltd (600307.SS), one of China's leading stainless steel makers, said on Wednesday it planned to issue 6.786 billion yuan ($994 million) worth of shares in a private placement.

The steelmaker plans to issue 1.172 billion shares priced at 5.79 yuan a piece to its state-owned parent in exchange for assets. The assets include an iron mine which can produce 5 million tonnes a year, some affiliated facilities, and a steel mill, the company said in a statement.

The parent company Jiuquan Iron and Steel Group (Jiugang) has said that it postponed a joint venture project with Eurasian Natural Resources Corp Plc (ENRC) (ENRC.L) and sought to list all of its assets on the market via its listed unit. ($1=6.825 Yuan) (Reporting by Alfred Cang and Jacqueline Wong)



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