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Baosteel to target further expansion
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Trying to rival with the number one steel group Arcelor Mittal, China's biggest steel maker Baosteel Group Corp, has set the goal to shorten the capacity gap with ArcelorMittal by increasing its production ability to 80 million tonnes by 2012.
The rough scheme is to boost sales to US$50bil and profit US$5bil by 2012, and to target the top 200 of the Fortune Global 500 companies.
Currently Baosteel’s capacity is around 30 million and is set to expand by merging activities in the domestic or overseas steel market. Baosteel’s strategy is also supported by Chinese government’s current policy directions which hold a positive attitude towards its domestic mergers, intensive competition on global acquisitions. Besides, the surge of raw material cost also drives Baosteel to speed up its expansion.
News Date
9/5/2007 10:31:23 AM
reported by
Sherry Yu
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