China’s leading state-owned steel company Baowu produced 115 mn t of crude steel in 2020 – an increase of 20% on year due mainly to high-profile acquisitions. Baowu became the world’s largest steel-maker in 2019 when it produced 96 mn t, more than ArcelorMittal’s 92.5 mn t that year. As part of China’s integration push in the steel sector, Baowu is set to acquire Kunming Iron and Steel and Shandong Iron and Steel (Shangang) taking its capacity to 155 mn t per annum.
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