SINOSTEEL Corp will submit a plan for an initial public offering of yuan-denominated shares after it passes an environmental appraisal, the Shanghai Securities News reported.

Environmental authorities are reviewing 26 Sinosteel projects and 16 polluting steel units, the newspaper said.

Sinosteel plans to raise between 10 billion yuan (US$1.44 billion) and 20 billion yuan from the A-share market in China and has hired BOC International (Holdings) Ltd and JPMorgan Chase & Co to help manage the share sale.