Sinosteel Corp. is planning initial public offerings in Shanghai and Hong Kong in the second half of the year to raise $1.5 billion, the Wall Street Journal said, citing an unidentified person familiar with the situation.

China's State Council has approved Sinosteel's listing plan, the newspaper said. The company has hired BOC International (Holdings) Ltd. and UBS AG to help arrange the share sales, which will take place first in Shanghai, the report said.

State-owned Sinosteel, based in Beijing, is China's second-largest iron-ore trader. The company on Jan. 18 said it almost tripled profit in 2007 as it benefited from investments in mining resources overseas.