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Qinghai Province-based Chinese steelmaker Xining Special Steel Co. has announced that it has received approval for its planned issue of not more than 511.335 million A shares from the State-owned Assets Supervision and Administration Commission (SASAC) of Qinghai Province. In particular, Xining Special Steel will raise RMB 500 million ($81.8 million) from its own resources to purchase many of the shares in question. The remaining money raised by the share issue will be invested to support the company's steel rolling projects.