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CX Daily: China Forges Steel Colossus. But Will the Pieces Stick Together?
Steel /
One day late last December, leading Chinese steelmaker Baowu
marked a major milestone when its Chairman Chen Derong performed the company’s first “distance smelting” with the tap of a key on his tablet computer. With that motion, an emotional Chen proclaimed that the 93-year-old company had officially passed the 100 million-tons mark for annual production capacity, capping four years of breakneck merger-fueled growth that has created the world’s largest steelmaker.
The milestone vaulted China Baowu Steel Group Corp. Ltd. past ArcelorMittal SA for the crown, ending the Luxembourg-based company’s 14-year streak at the top of the global steel heap. Baowu nearly took the crown a year earlier, producing 95.47 million tons of crude steel compared with ArcelorMittal’s 97.31 million tons.
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