China Baowu Group, the largest steel producer in China, surpassed ArcelorMittal on Fortune Global 500 list to become the No. 1 in international steelmaker, according to the list published on August 10.
The group, previously merged from Baosteel Group and WISCO, ranked the largest steelmaker in China and the second in the globe with annual capacity of 70 million tonnes in 2016.
It in 2017 unveiled its ambitious goal to realize 100 million tonnes of annual capacity by the end of 2020. Last year, Baowu exceeded ArcelorMittal for the first time with the full-year output of 96 million tonnes and operating revenue of $79.9 billion.
Of the total 12 global steelmakers on the list, there were seven Chinese companies, including China Baowu Group, Hebei Iron and Steel Group, Tsingshan Holding Group, Jiangsu Shagang Group, Anshan Iron and Steel Group, Shougang Group and Shandong Iron and Steel Group.
Shandong Iron and Steel Group was listed on the Fortune Global 500 for the first time with $27.8 billion of revenue.
(Writing by Tammy Yang Editing by Jessie Jia)
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