Baosteel plans to invest 50-60 billion yuan prior to 2010 in expanding its production capacity and increasing its output from 20 million to 30 million tons.According to Baosteel's president,the company is negotiating with the world's largest steel producer,Arcelor of Luxembourg,with a view to cooperating in Brazil,where Baosteel is contemplating building a plant capable of an annual 3.8 million-ton iron and steel output.The global iron and steel output for 2004 is estimated at 1 billion tons,one third of which will be consumed by China.