China's largest steelmaker celebrates success

Baosteel, China's biggest steel producer celebrated its 30th anniversary Monday, giving credit to innovation for its success.

Xu Lejiang, chairman of the Shanghai-based steelmaker, said his business broke through the stereotypes of Chinese steel industries when it was established, as it now has the technological ability to change products from "China-made" to "China-created." Some steelmakers imitate and manufacture products. Boasteel creates new products.

Baosteel was listed among the Fortune 500 in 2003, and has reached a production ability of 30 million tonnes per year in 2007-- ranking the fifth among steel producers in the world.

"Baosteel represents a typical road for China's state-owned enterprises to reform and develop, to enhance creative ability by studying and innovating new technologies," said Li Rongrong, director of the State-owned Assets Supervision and Administration Commission of the State Council.