Real Estate Slump Pushes China Baowu Steel to Speed Up Overseas Expansion

China’s largest steelmaker has vowed to speed up overseas expansion this year, after the domestic industry was hobbled by the sharp decline in property construction, according to a statement that followed its annual general meeting on Monday.

China Baowu Steel Group Corp. Ltd. plans to kick off construction of several overseas projects in 2023, including production lines in Indonesia and mining joint ventures in Australia, Chen Derong, chairman of the state-owned giant, said at the meeting.