Baosteel Iron & Steel Co shareholders approved a plan to increase the number of publicly traded shares, the Wall Street Journal reported, citing sources at a Friday shareholders meeting in Shanghai. More than 99% of those attending with tradeable shares voted in favor of the plan. If approved in online voting, the plan would make Baosteel the second major state-owed company to get approval to float its non-tradeable shares. Last week, China Yangtze Power Co, one of the nation's largest power producers, got approval to move ahead and float more of its previously untradeable state shares. Movement by the two prestigious companies to eliminate large, state-owned non-tradable shares should help set the course for others. Baosteel and Yangtze Power are among nearly four dozen listed companies selected by the Chinese government to undergo share reform.