Steel giant China Baowu Steel Group announced Wednesday that it has surpassed Luxembourg-based ArcelorMittal to become the world's largest crude steel producer in 2019.
Baowu's annual crude steel production reached 95.22 million tonnes last year, up from 89.8 million tonnes reported by ArcelorMittal in its 2019 annual report.
Founded as a result of the reorganization of the former Baosteel Group and Wuhan Steel in 2016, Baowu was restructured into Masteel Group in September 2019.
Chen Derong, chairman of Baowu, said the company is committed to economies of scale through specialized integration, promoting vertical integration and optimization along the chain, as well as horizontal consolidation to avoid chaotic competition.
Baowu is the largest steel producer in the world in 2019
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