China Steel Industry May be in Red in 2009 - Baosteel

SHANGHAI, May 18 -- Xu Lejiang, the chairman of China's largest steelmaker Baosteel Group, said that China's steel industry may post a loss for 2009 as overproduction persists in a weak global market.

    He added that Baosteel, parent of Shanghai-listed Baoshan Iron and Steel Co would pursue further consolidation and restructuring to bolster its competitiveness.

    The government of China, the world's largest steelmaking country, has vowed to crack down on producers that continue to raise output despite an oversupplied market.

    (Source: Reuters)