Baosteel Group Corporation, China’s leading steel producer, hopes to become the second largest steel company of the world after ArcelorMittal by 2012.
The company will more than triple output to 80 million tonnes in the next five years from 26mt now.
In an internal newsletter quoted by China Daily today, the state-run company said it would reach sales worth $50 billion by then.
“Baosteel has to increase its output, mainly through merges and alliance with other mainland companies,” Xu Lejiang, preident of Shanghai Headquartered Baosteel, was quoted as saying in the newsletter.
Source : THE TELEGRAPH
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