Baoshan Steel Surges by Limit After E-Commerce Expansion Plan
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Baoshan Iron & Steel Co., China’s biggest publicly traded steelmaker, surged the 10 percent daily limit in Shanghai after announcing it would set up a 2 billion yuan ($320 million) e-commerce unit to trade steel.
Baoshan will hold 51 percent of the unit by folding in all of its stake in an existing e-commerce website, bsteel.com.cn, Shanghai-based Baoshan said yesterday in an exchange filing. Parent Baosteel Group Corp. will invest 980 million yuan in the unit for the remaining stake, Baoshan said.