Shanghai Baosteel and Shanghai Automobile Industry Corporation (SAIC) have applied for being on the list of the Fortune's global 500. President of Baosteel Xie Qihua confirmed his group's application.

The Fortune magazine will begin to evaluate the applicant businesses for this year in May. As learned the result of the evaluation will not be unveiled until June after a strict assessment process.

The two companies had planned to nudge into the world's 500 in 2005 and 2007. Now it seems the goal will likely be scored ahead of the schedule due to the fast growth of the steel and auto industries in China.

By People's Daily Online