SteelOrbis Shanghai
According to the 2008 Fortune 500 list released on July 9, giant Chinese iron and steel conglomerate Baosteel Group Corporation ranks 259th with 2007 revenues of $29.939 billion and profits of $2.858 billion, moving up 48 places compared with its previous ranking. 2008 is the fifth successive year that Baosteel has been ranked in the Fortune 500 list.
In the latest list, the sales revenue of the company in 500th place is $1.811 billion higher than that of the 500th-ranked company in 2007. This year Wal-Mart Stores emerged at the top of the ranking with $378.799 billion in revenue. Among the Chinese companies on the list, petroleum company Sinopec led the way, catapulting into 16th position. Baosteel's latest ranking is 113 places higher compared with its 2004 placing, its sales revenue more than doubling in the intervening period.