TOKYO/SHANGHAI — Although China is the world’s leading steel producer, no single Chinese steelmaker has made it to the top spot, until now.
China Baowu Steel Group surpassed ArcelorMittal in the production of crude steel in 2019, according to publicly available data, ending the reign the European heavyweight has held since 2001. Putting Baowu over the top was its takeover last September of China’s Magang (Group) Holding, which was then the country’s ninth-ranked steel supplier.
The outcome underscores the dominance China wields in the global steel industry. At the same time, the country has yet to rein in excess capacity