ArcelorMittal is no longer the largest steel company in the world
Chinese steel company China Baowu Steel Group announced Wednesday that surpassed in terms of steel production ArcelorMittal Luxembourg and became the largest producer in the world in 2019. About it announced the Chinese state news Agency Xinhua.
Annual production of raw steel in the group Baowu reached number-95.22 million tonnes last year, compared to 89,8 million tons reported by ArcelorMittal in its annual report for the year 2019.
Recall, Baowu Steel Group was founded in the result of reorganization of Baosteel Group and Wuhan Iron and Steel Group in 2016. The aim of the company is a specialized vertical integration and optimization across the chain, as well as horizontal consolidation to avoid disorderly competition.
Chen Derong, Chairman Baowu, said that the company is committed to saving due to vertical integration and optimization of the entire production chain, and horizontal consolidation, in order to avoid disorderly rivalry.