Wednesday, December 24, 2008

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.

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