Baosteel estimates an increase in 2005 group sales

Baosteel estimates an increase in 2005 group sales

According to reports from the industry, Shanghai based steelmaker Baosteel Group Co. has announced that it estimates group sales to reach Yuan 120 billion (approx. $14.5 billion) in 2005. Baosteel officials stated that the company aims to increase annual production capacity to 30 million tons in 2010 from its current level of 20 million tons. With this production, the company will rank among the top three steelmakers in the world, according to Xinhua News Agency. Baosteel is also one of the qualified supplier of Belgium's steel wire and cord maker Bekaert S.A N.V.