Baosteel aims 30 million mt capacity in 3 years

China's largest steelmaker Shanghai based Baoshan Iron & Steel Group (Baosteel) is planning to raise its annual steel production capacity to 30 million metric tons in 2009 and 50 million metric tons in 2012. Having produced 23 million metric tons of crude steel in 2005, the group is aiming to increase its capacity through merging Pudong Iron and Steel Co and Baoshan Iron and Steel Co, and by building new plants. Baosteel also announced 39 percent year on year decline in its first half earnings last week.