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Baoshan Iron and Steel Company, China's largest steel maker, plans to ramp up capacity by 50 percent over the next five years.
The world's sixth-biggest steel producer intends to spend up to 60 billion yuan or US$700 million by 2010, to expand milling from its forecast of 20 million tons this year to some 30 million tons.
The Shanghai-based Baoshan Iron and Steel's plans have set it apart from other steel producers, which forecast small production rises because of financial constraints or worries that demand may weaken.
The only other top-six steel maker that has disclosed plans for a big rise is UK-based LNM Group, controlled by Lakshmi Mittal, which also wants to increase output by 50 percent over the next few years.
(CRI April 8, 2004)
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