China's Baowu Records 96 MnT Crude Steel Production in CY19

China's largest steelmaker Baowu Steel Group produced 96 MnT crude steel in CY19, as per company's report .

The state-owned company is likely the world's biggest steel producer in CY19 as ArcellorMittal's has cut short the production of crude steel due to weak demand in European markets. ArcellorMittal's crude steel output in CY18 was 92.5 MnT.

Baowu's production came from its subsidiaries Baosteel Group; Wuhan Steel Group, or Wugang; Maanshan Iron & Steel Group, or Magang; and Chongqing Iron & Steel, or Chonggang. Baowu currently has crude steel capacity of around 98.5 MnT pa.

In 2018, Baowu, aunion of Baosteel and Wugang, produced 67.43 MnT of crude steel.

Baosteel, Wugang and Magang are directly owned by Baowu, while Chonggang is indirectly owned by Baowu through Siyuanhe (Chongqing) Steel Industry Development Equity Fund.

Also, SteelMint earlier reported, Baowu group has expressed interest to acquire a controlling stake in Chongqing Iron and Steel Co. Ltd. Chongqing Iron and Steel Co Ltd has steel making capacity of around 8 MnT pa.

At the same time, Baowu has also been working on acquisitions of other Chinese steel mills, according to some market sources.