Baowu’s steel output exceeded 100mn mt in 2020 on December 23. The steelmaker achieved the 100mn-landmark despite disruptions caused by the COVID-19 pandemic.
China-based Baowu Steel’s Chairman Chen Derong said that with this landmark, Baowu has taken a big step towards becoming a global leader in the steel industry. China’s leadership position in the steel industry is undisputed with top 10 steelmakers producing 60pc of the total steel output as envisioned in its 13th Five-Year Plan (2016-2020).
In 2020, Baowu signed a deal to acquire Chongqing Iron and Steel, Taiyuan Iron and Steel (TISCO) and Sinosteel Group after acquiring Maanshan Iron and Steel (Masteel) in 2019. Baowu Steel was formed in 2016 with the merger of Baosteel group and Wuhan Iron and Steel.
Baowu became world’s largest steelmaker in 2019 with a total crude steel production of 95.2mn mt, ahead of ArcelorMittal’s 89.8mn mt output.