Baosteel to raise output 5% on year to 30 mln tonnes
SHANGHAI (Reuters) - Baosteel Group, China's top steel maker, expects its crude steel output in 2008 to rise nearly 5 percent to 30 million tonnes, the group's chairman Xu Lejiang said on Friday.
"Baosteel is producing top quality products, although the company's output only accounts for less than 5 percent of China's total steel production," Xu told reporters at a press conference.
Baosteel Group, parent of Shanghai-listed Baoshan Iron and Steel Co (600019.SS: Quote, Profile, Research, Stock Buzz), produced 28.58 million tonnes of crude steel in 2007, up 9 percent from a year earlier.
China's crude steel output is expected to reach 520-550 million tonnes in 2008.
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