Taigang Stainless Steel plans to issue RMB 3.5 bln notes

Shanxi Taigang Stainless Steel Co Ltd<000825>, China's largest stainless steel mill, announced on Thursday it plans to float RMB 3.5 billion three-year notes on the interbank market, sources reported.

The company said in a statement filed with the Shenzhen Stock Exchange that the coupon rate will be determined in accordance with the market condition, but shall not exceed the Shanghai Interbank Offered Rate (Shibor).

The issue plan is still subject to approval from board of directors, it added.

No further details were given in the statement.

The Shenzhen-listed stainless steel maker reported earlier that its third quarter profit plunged 51% to RMB 414.7 million fuelled by weak demand and higher costs.