(China Daily)
Updated: 2007-11-06 15:18

Panzhihua Iron and Steel Group (PZH), the country's 15th-largest steel mill by output, plans to list on China's stock market in a deal worth more than $1 billion.

PZH Steel will merge with two other units of the group, Chongqing Titanium and Sichuan Changcheng Special Steel, and buy core assets worth up to 7.5 billion yuan from the group, PZH said in a statement yesterday.

The purchases will be paid for through a private placement of new PZH shares to Panzhihua Group and affiliates. The deal will leave Shenzhen-listed PZH Steel as the listed arm of the entire group.