China’s Baowu overtook ArcelorMittal as world’s top steelmaker

SHANGHAI, Mar 5 (SMM) – Steel giant China Baowu Group produced 95.22 million mt of crude steel in 2019, taking it to surpass the Luxembourg-headquartered ArcelorMittal to become the world's largest producer of crude steel.

Last year, Baowu generated 556.6 billion yuan in revenue and saw profits grow 690,000 million yuan from 2018 to 34.52 billion yuan, according to the company’s report.

Baowu was formed by the reorganisation of the former Baosteel Group and Wuhan Steel in 2016, and Baowu completed its acquisition of the Anhui-based Magang Steel in September 2019.

ArcelorMittal in February reported that it produced 89.8 million mt of crude steel in 2019 and generated $70.6 billion (about 490 billion yuan) in revenue.