Baosteel Scales Back 2012 Expansion Targets by 38%
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Baosteel Group Corp., China’s second-biggest steelmaker, scaled back its 2012 capacity target by 38 percent amid calls by the government to curb overcapacity and focus on improving quality.
Baosteel is targeting capacity of 50 million metric tons by 2012, and 66 million tons by 2015, the Shanghai-based steelmaker said in a statement on its website today. The company in September 2007 said it wanted to boost capacity to 80 million tons by 2012.