Baosteel says no timeframe for overseas listing
SHANGHAI, April 30 (Reuters) - Baoshan Iron and Steel Co (600019.SS), China's top steel maker, remains interested in an overseas listing but has yet to set a time frame, a senior executive told investors on Wednesday.
"An overseas IPO is one of the goals Baosteel is pursuing," Fu Zhongzhe, the company's general manager, told an online briefing.
The chairman of Baosteel's state-owned parent said last October that the group would need to make international acquisitions or establish an international production base before listing abroad.
Fu told Wednesday's briefing that Baosteel was in touch with companies it wanted to acquire, as it plans to expand its business, although he did not identify any targets.
The company's stainless steel business returned to the black in the first quarter, Fu said, bolstered by increasing use of nickle pig iron, a less costly input.
"The stainless steel and special steel businesses will improve in the second quarter," he said.
Nickle pig iron, a lower grade of nickel, is increasingly used in place of pricier primary nickel for stainless steel production.
In the first quarter, Baosteel churned out 6.1 million tonnes of crude steel and 6.67 million tonnes of steel products, including 250,000 tonnes of stainless steel products, Fu said. (Reporting by Rujun Shen; Editing by Edmund Klamann)
