Chinese steel giant China Baowu Group announced on March 4 that it produced 95.22 million mt of crude steel in 2019, exceeding Luxembourg-headquartered ArcelorMittal’s crude steel output of 89.80 million mt in the given year, with the result that Baowu Group has become the largest steel producer in the world.
Baowu Group also reported on the resumption of its operations after the disruptions caused by the outbreak of coronavirus. As of March 1, 502 out of 546 subsidiaries of Baowu Group had resumed production. According to its official statement, its overall capacity utilization rate has reached 94 percent of its normal level.
Chen Derong, president of Baowu Group, stated that the coronavirus has exerted a negative impact on the company, while he expressed his confidence that the company would achieve its annual development target through its constant efforts.