Jun 09, 2022 07:17 PM

BUSINESS

China’s Baowu Retains Global Steelmaking Crown

By Luo Guoping and Manyun Zou

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.

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