SHANGHAI, Jan 6 (SMM) – China’s largest steelmaker Baowu produced 96 million mt of crude steel in 2019.
Last year, the state-owned steelmaker is having a controlling stake over Chongqing Iron and Steel and Magang Group. Baowu would take control in Chongqing Iron and Steel through a share purchase, according to a statement issued at end December. Baowu completed its acquisition of the Anhui-based Magang Steel in September.
In 2018, Baowu produced 67.43 million mt of crude steel, 25 million mt lower than the total output of 92.5 million mt from the world’s largest producer ArcelorMittal.
Baowu looks set to overtake the Luxembourg-based steelmaker to be the word’s largest steel producer in the near future.