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Baosteel Scales Back Expansion Target, China Business News Says

May 21 (Bloomberg) -- Baosteel Group Corp. scaled back its 2015 expansion target to 60 million metric tons capacity, the China Business News reported, citing Chairman Xu Lejiang.

The financial crisis made the company more cautious in planning, Xu was cited as saying, without elaborating. The new target is also subject to change, the newspaper said.

The old target was 80 million tons, the paper said.

To contact the Bloomberg News staff on this story: Helen Yuan in Shanghai at hyuan@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net.

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