ISPAT International is to float part of its holding company on international stock markets within the next few weeks.

Ispat took over Irish Steel in Cork 18 months ago but sources said that that company would be unaffected.

Ispat will float on the New York and Amsterdam exchanges and 16 per cent of the holding company, known as Ispat International Nv Netherlands, will be sold as part of the move.

Ispat is one of the world's largest producers of steel. The company hopes to raise about acquisitions.

It is also possible that a further 15 per cent of the

Last year, Ispat International had a turnover of

The company has filed a registration statement with the Securities and Exchange Commission in the US.

It is offering 19.25 million shares at

The company could come to the market within the next few weeks. Failing this, it will float in September.

Ispat bought the troubled Irish Steel plant in 1996.

Under the terms of the deal the Government gave Ispat the equivalent of Pounds 38.2 million.

Of this, Pounds 17 million was a write-off of debt stretching back to 1985.

The balance was a direct grant of Irish taxpayers' money.

In return, Ispat said it would invest Pounds 30 million in the company over the following five years. It also guaranteed the majority of the 350 jobs.

Britain objected strenuously to the deal between Ispat and the Government.

Last night, unions representing the workers were reported to be monitoring the situation.