AFP reported that China's largest steel maker plans to nearly quadruple capacity to 80 million tonnes by 2012 making it the world's second largest producer.

    The China Daily reported, citing an internal company newsletter mainly state-owned Baosteel, which puts out about 23 million tonnes of steel a year plans to expand in China and overseas through mergers and acquisitions.

    The world's fifth largest steel group also said it hopes to boost sales to more than 50 billion dollars a year.