Baosteel, China's largest steel conglomerate based in this economic hub in east China, ranked 309th among the Fortune 500 for this year, up from the year-earlier place of 372th, according to company officials.

It had US$19.5 billion in 2004 takings.

Baosteel revived up capital construction last year and increased the market share of its high-tech and high-value-added products, the officials said.

Baosteel produced 21.41 million tons of steel in 2004, up 7.8 percent from the year-earlier level. It gained 21.9 billion yuan (US$2.6 billion) in consolidated profits upon 161.8 billion yuan (US$19.5 billion) in annual sales income, up 66.3 percent and 34.4 percent year-on-year.

Among the Fortune 500 steel makers this year, the Baosteel ranked sixth, following Thyssen Krupp, Ancelor, Nippon Steel Corp., JFE and Pohang Iron and Steel.

(Xinhua News Agency July 21, 2005)