Baosteel plans subsidiaries in Spain, Shanghai

Shanghai, Sept 23: China's Baoshan Iron&Steel Co. Ltd. said on Saturday it was hoping to set up a subsidiary in Spain with paid-up capital of 200,000 euros (6,384).

Baosteel is also planning to set up a subsidiary in Shanghai with capital of 50 million yuan to produce ''special metals'', Baoshan said in an announcement in the Shanghai Securities News.

China's steel makers are eyeing expansion overseas as the country becomes the world's largest producer and a net steel exporter.

REUTERS