The Shanghai Baosteel Group Corporation, China's largest steelmaker, may turn out 28 million tons of steel products this year, 24 percent more than that of 2006, said board chairman Xu Lejiang on Tuesday.

The sales revenue for this year is expected to exceed 200 billion yuan, compare with 180.68 billion yuan last year, said Xu, a delegate to the 17th National Congress of the Communist Party of China (CPC), on the sidelines of the Party congress.

Baosteel has garnered 29 billion yuan of profit in the first three quarters of this year, which is higher than the 22.58 billion yuan for the whole year of 2006.

Baosteel has been included in the Fortune 500 list for the fourth straight year. It ranks the 307th on the 2007 list of Fortune 500 companies and is the sixth among all steel companies that enter the list.

(Xinhua News Agency October 17, 2007)