Baosteel listed among the world’s top 500 companies
Shanghai based steelmaker
Baosteel Group Corp announced that it expects to take place among the world's top 500 companies this year.
Company sales are expected to reach Yuan 110 billion ($13.3 billion) this year. The world's top 500 companies' sales were approximately $10 billion last year.
Baosteel officials stated that the company's main target is to become one of the world's big three steelmakers.
Steel products' sales of the group are forecasted to amount Yuan 81 billion ($9.7 billion) in 2005 while the annual
production capacity will reach 23 million tons.
Baosteel has a current annual
production capacity of 20 million tons while the world's largest steelmaker Arcelor's annual
production capacity is 45 million tons.
Company officials expressed that the growth of
Baosteel can support the competitiveness of the country's whole steel industry.