China’s mighty Baowu Steel Group appears to have surpassed ArcelorMittal as the world’s largest steel producer.
Baowu’s chairman in a new year’s address told employees the group managed to produce 96m tons of crude steel last year, up 40% on 2018 after it took an indirect controlling stake in Masteel.
According to the latest report from Alphabulk, ArcelorMittal has held the position of the world’s largest steel producer since 2006 when India’s Mittal Steel took over Europe’s Arcelor. It produced 92.5m tons in 2018 but is widely expected to report at or below that figure for 2019 due to falling demand in Europe.
Baowu also took a 15% stake in another steel mill, Shougang, two months ago and is on track to surpass 100m tons of crude steel production this year.