Chen Derong, general manager of Chinese steel giant China Baowu Group, stated at the 2017 Internet & Steel Summit Forum in Shanghai on September 20 that Baowu Group expects to achieve an annual crude steel capacity of 100 million mt in the future by merging and restructuring other locally administered state-owned steelmakers, increasing from its current annual crude steel capacity of 60 million mt.
Meanwhile, Mr. Chen also mentioned that China Baowu Group will extend its business from the steel industry to industrial finance and industrial services. He also commented that it will focus on the further growth of its Ouyeel e-commerce platform subsidiary.