Baowu

For the steel company headquartered in Baotou, see Baotou Steel.
"Baosteel" and "Baoshan Iron and Steel" redirect here. For the subsidiary, see Baoshan Iron and Steel Co., Ltd.
China Baowu Steel Group
Company typeState-owned enterprise
IndustrySteel
PredecessorShanghai Baosteel Group Corporation
Wuhan Iron and Steel Corporation
Founded1978; 46 years ago (1978)
HeadquartersShanghai, China
Key people
Chen Derong (Chairman)
ProductsSteel, flat steel products, long steel products, wire products, plates
RevenueUS$ 157.216 billion (2023)[1]
US$ 2.494 billion (2023)[1]
Total assetsUS$ 191.964 billion (2023)[1]
OwnerChinese Central Government (100%)
Number of employees
382,894 (2023)[1]
ParentSASAC of the State Council
Subsidiariessee list
Websitewww.baowugroup.com
Footnotes / references
[2]
China Baowu Steel Group Corporation Limited
Simplified Chinese中国宝武钢铁集团有限公司
Traditional Chinese中國寶武鋼鉄集團有限公司
Literal meaningChina Baowu Steel Group Limited [Liability] Corporation
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Bǎowǔ Gāngtiě Jítuán yǒuxiàn Gōngsī
Baowu
Simplified Chinese宝武
Traditional Chinese寶武
Literal meaningBaoshan & Wuhan
Transcriptions
Standard Mandarin
Hanyu PinyinBǎowǔ

China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China.[3] The company was formed by Baosteel Group absorbing its smaller state-owned peer, Wuhan Iron and Steel Corporation in 2016. It is the world's largest steel producer.[4]

In 2015, Baowu was the second largest steel producer in the world measured by crude steel output, with an annual output of around 35 million tons (China's total steel production in 2015 was 803.8 million tons[5]), and employed 130,401 employees as of the end of 2012, had annual revenues of around $21.5 billion, and produces a mix of products.[6] In 2019, the company closed the gap with ArcelorMittal reaching 95.47 million tons of steel, and hitting $78 billion in revenues,[7] with 195,434 employees.[8]

According to World Steel Association (Chinese companies data were provided by China Iron and Steel Association), the corporation was ranked the 5th in 2015 the world ranking by production volume (2nd in China for 34.938 million metric tons).[9] A plan to merge with Wuhan Iron and Steel Corporation was announced on 21–22 September 2016,[10] which would make the combined production volume the second highest in the world (34.938 million + 25.776 million), after ArcelorMittal (97.136 million in 2015), surpassing Hesteel Group (47.745 million in 2015). Since Baosteel Group and Wuhan Iron and Steel Corporation also announced targets of cutting 3.95 and 4.42 million metric tons production capacity respectively in June[11] and July 2016,[12] and a further cut for Baosteel Group of 2.10 million while a 3.15 million cut was already planned[13] the final ranking may still significantly change.

The IPO of the subsidiary of Baosteel Group on the Shanghai Stock Exchange in 2000 was the largest in China up to that time, raising CNY 7.7 billion despite being limited to domestic investors only.[14]

  1. ^ a b c d "China Baowu Steel Group". Fortune GLobal 500. Fortune. Retrieved 2024-08-24.
  2. ^ "About Baosteel". Archived from the original on 2011-07-07. Retrieved 2009-12-11.
  3. ^ "Contact Us." Baosteel. Retrieved on November 10, 2012. "ADD:Baosteel Tower, Pu Dian Road 370, Pudong New District, Shanghai, 200122, P.R. China Postal Code:200122" - Chinese: "上海市浦东新区浦电路370号宝钢大厦"
  4. ^ "Fitch Revises Baowu's Outlook to Positive; Affirms IDR at 'A'". Retrieved 2023-08-21.
  5. ^ "Worldsteel | World crude steel output decreases by -2.8% in 2015". Archived from the original on 2017-02-02. Retrieved 2016-12-26.
  6. ^ Sirkin, Harold L.; James W. Hemerling; and Arindam K. Bhattacharya (2008-06-11). GLOBALITY: Competing with Everyone from Everywhere for Everything. Archived 2008-09-23 at the Wayback Machine New York: Business Plus, 304. ISBN 0-446-17829-2.
  7. ^ "China Baowu Steel Group | 2020 Global 500". Fortune. Retrieved 7 April 2021.
  8. ^ "China: Baowu Steel Group number of employees 2014-2019". Statista. Retrieved 7 April 2021.
  9. ^ "World Steel Association - Top steel-producing companies". Archived from the original on 2016-07-19. Retrieved 2016-07-26.
  10. ^ "China deal to create world's second-largest steelmaker". Financial Times. 21 September 2016.
  11. ^ "化解钢铁过剩产能公告" (in Chinese). Baosteel Group. 30 June 2016. Retrieved 4 October 2016.
  12. ^ "武汉钢铁(集团)公司关于化解过剩产能实施脱困发展的公告" (PDF). Wuhan Iron and Steel Corporation. 7 July 2016. Archived from the original (PDF) on 12 October 2016. Retrieved 3 October 2016.
  13. ^ "宝钢实施全方位结构调整和转型升级" (in Chinese (China)). Baosteel Group. 19 August 2016. Retrieved 4 October 2016.
  14. ^ "China's Baosteel heads for stock market". BBC. 6 November 2000. Retrieved 3 October 2016.