China’s largest state-owned steel manufacturer and the world’s top steel producer, Baowu Group, has announced plans of strategic restructuring with Jinan-based Shandong Steel, as per SteelMint reports. Thanks to a sustained bout of acquisitions, Baowu’s steel output stood at 115 mn t – surpassing ArcelorMittal’s annual production by a large margin in FY’21. Shandong Steel clocked total steel output at 31.11 mn t in 2020. Over the past few years, Baowu has been proactive with mergers, the flashpoints being restructuring with Masteel and Tisco in 2019 and 2020 respectively.
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