Special Report: Global Financial Crisis¡¡

    BEIJING, April 16 -- Baosteel, one of China's largest steel producers, has secured a contract from Commercial Aircraft Corporation of China Ltd (CACC) to research and develop specialized steel plates for China's large aircraft program, a company official said.

    "The contract is a breakthrough for Baosteel, which has never developed steel sheets for large aircraft," said Chen Ying, the company's board secretary.

    Although the Shanghai-based company is not expected to profit from the contract for some time, it was widely seen as a positive development at a time when it, like most other Chinese steel mills, is troubled by dwindling demand and bloated inventories. The double-blow slashed Baosteel's profit for 2008 to 23 billion yuan, down 32 percent from 2007.

    "The ongoing financ...

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