Caixin
Jun 09, 2022 07:17 PM
BUSINESS

China’s Baowu Retains Global Steelmaking Crown

What’s new: China Baowu Steel Group Corp. Ltd. has been crowned the world’s largest steelmaker for the second year straight, even as the country’s total steel output fell.

According to figures released by the World Steel Association (WSA) on Tuesday, state-owned Baowu’s annual output in 2021 jumped 4.35% to nearly 120 million tons of crude steel last year, followed by Luxembourg-based ArcelorMittal SA with 80 million tons.

Baowu’s output includes that of Taiyuan Iron & Steel Group Co. Ltd. and Kunming Iron & Steel Holding Co. Ltd., the WSA added in the notes. The two smaller steelmakers merged with Baowu earlier last year.

Five other Chinese steelmakers have made into the world’s top 10 in the WSA’s ranking, including Ansteel Group Corp. Ltd., Jiangsu Shagang Group Co. Ltd., HBIS Group Co. Ltd., Jian Long Group Co. Ltd., and Shougang Group Co. Ltd.

Background: In 2021, China’s annual crude steel output fell for the first time in six years, dipping 3% to 1.03 billion tons, amid a push to cut carbon emissions and other pollution. According to the WSA, China accounted for 52.9% of the world’s total crude steel output last year.

Baowu became the world’s biggest steelmaker for the first time last year, ending ArcelorMittal’s 14-year streak at the top of the global steel heap, after the Shanghai-based company gained steam through consolidation that began in 2019, promoted both by Beijing and local governments.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact reporter Manyun Zou (manyunzou@caixin.com) and editor Flynn Murphy (flynnmurphy@caixin.com)

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