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New steel behemoth
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A new steel group, whose annual output will be China’s largest and the world’s second-largest, was set up yesterday in Shanghai following the merger of two major steelmakers.
China Baowu Steel Group was created by the merger of Shanghai-based Baosteel Group and Wuhan Iron and Steel Corp in Hubei Province. The combined steel output of the two groups totals about 60 million tons, putting it second worldwide after ArcelorMittal, according to the 2015 data from the World Steel Association. The new group is estimated to have 228,000 employees, general assets worth 730 billion yuan (US$106 billion) and an annual revenue of 330 billion yuan.
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