Y01

From today's NYTimes (http://www.nytimes.com/2003/09/04/business/worldbusiness/04CHIN.html?position=&hp=&pagewanted=print&position=): "China's huge steel, chemical, construction materials and mobile phone industries are each forecast to double its capacity in the next three years." My question: This sentence has a plural subject ("steel, chemical... industries"), a plural verb ("are"), then a singular pronoun ("each") referring to individual pieces of the plural subject, and a singular possessive pronoun ("its"). Is the sentence grammatically correct? Thanks, Y01 P.S. This is my first post, so holler if I overlooked some aspects of forum etiquette.