Chinese steelmaker Shandong Iron and Steel Group (Shandong Steel) has announced that on May 16 it plans to issue short-term bonds worth RMB 300 million ($49 million) for a term of 365 days, in its third short-term bond issue in the current year. Bank of China will be the lead underwriter.

Beijing-based China Cheng Xin International Credit Rating Co. (CCXI) has given the new short-term bonds in question a rating of A-1, while it has ranked the issuer's credit rating as AAA.