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Sinosteel raising 802.6M yuan via private placement

Sinosteel Corp. on Dec. 9 said it is raising no more than 802.6 million Chinese yuan via a private placement at a price of 14.31 yuan per share.

A total of 56,090,146 shares will be listed on the Shenzhen Stock Exchange on Dec. 12, and proceeds will be used to improve liquidity and to lower financial risk, the company said.

In a separate statement on the same day, Sinosteel said it will invest 550 million yuan in its wholly owned unit Sinosteel Equipment & Engineering Co. Ltd.

Sinosteel expects the investment to improve the unit's liquidity and profitability.

The unit recently secured up to 600 million yuan in credit facilities.

As of Dec. 9, US$1 was equivalent to 6.90 Chinese yuan.