China Securities Journal quoted according to Baosteel Group development planning released recently the company has lowered its target of crude steel capacity to 66 million tonnes from 80 million tonnes by 2015.

Mr Xu Lejiang the group chairman in 2007 declared to form a capacity of up to 80 million tonnes by 2012 with sales income and total profit reaching USD 50 billion and USD 5 billion respectively, and he aimed that the group comprehensive competitiveness should rank into top three in the world steel industry and top 200 among Fortune 500.

As per report, since Mr Xu quit as chairman of the listed Baoshan Iron & Steel Co Ltd the company development plan seemed to have moderated. And the current goal seems more cogent as its existing capacities are no more than 40 million tonnes including Bayi Steel and Ningbo Steel.

Mr Xu previously told the media that Baosteel has become more calm and cautious in making planning after experiencing the financial crisis.

(Sourced from China Securities Journal)