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Baosteel launches 3B yuan debt offering

Baoshan Iron & Steel Co. Ltd., or Baosteel, on March 8 issued a short-term debt offering of 3 billion Chinese yuan, according to a statement filed March 12.

The interest rate of the notes was fixed at 2.9% and the maturity will be 180 days.

The company said it will use the proceeds to refinance debt.

As of March 11, US$1 was equivalent to 6.73 Chinese yuan.