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Angang Steel Co, China's third-largest steelmaker by production, plans to sell as many as 1.78 billion shares to existing holders to fund a 22.6-billion-yuan steel mill.

The company will sell both yuan- and Hong Kong dollar-denominated shares through a three-for-10 rights offer, Angang Steel, based in northeastern Liaoning Province, said in a statement yesterday. It hasn't set a price for the offering. Angang Steel is seeking to raise funds in a stock market that's almost tripled in the past year.

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