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By Hao Zhou (chinadaily.com.cn)
Updated: 2007-09-11 16:58

SinoSteel Corporation, China's largest steel products dealer, is preparing for a possible dual listing in Shanghai and Hong Kong next year to raise US$1.5 billion, the Beijing Business Today reported Tuesday.

Proceeds from the initial public offering (IPO) will be used to fund the company's resources exploitation, said the newspaper citing a company source. The detailed listing plan is yet to be decided, it added.

Bank of China International Holdings Ltd, JP Morgan Chase Co and Swiss Bank Corporation will be the underwriters, said the paper.

SinoSteel's businesses cover metallurgical mining resources exploitation and processing, metallurgical raw materials and products trade and logistics, as well as related technical support and equipment manufacturing.

The company is poised to rank among the Global 500 by 2010. As it boosts its presence in a number of exploring projects, plentiful investment funds are urgently needed.

Yesterday, SinoSteel opened a representative office in Adelaide, Australia, to develop a uranium mine named Crocker Well in Broker Hill, South Australia. The mine will have a production capacity of six million tons of uranium, which is expected to generate revenue of 95 million Australian dollars (US$78.5 million) annually.