Ji'nan Iron and Steel to cut state ties

Ji'nan Iron and Steel Ltd announced that it plans to acquire all the shares owned by its parent company, Ji'nan Iron and Steel Group, to become fully publicly tradeable, the Economic Observer reported. The Shanghai-listed company will issue about 380 million additional shares to raise the US$903 million needed to fund the acquisition of the 68.69% stake still held by its state-owned parent, it said in its quarterly report. China's sixth-largest steel maker posted net revenues of US$132 million in the first nine months of 2007.