Baoshan Iron and Steel Co, China's largest steel maker, plans to sell as much as 20 billion yuan (US$2.9 billion) of debt on the nation's interbank market.

The debt sale plan will include as much as 10 billion yuan in one-year commercial paper, and up to 10 billion yuan in medium-term notes due in less than seven years, the company said in a statement to the Shanghai stock exchange.

Funds raised will be used as the company's working capital, to refinance loans and purchase equipment. The plan is subject to approval of shareholders meeting in March.

(Shanghai Daily February 16, 2009)