China Baowu Iron & Steel Group Co. Ltd (China Baowu Steel Group), formed by the merger of Hubei Province-based steel producer Wuhan Iron and Steel Group (WISCO) and Shanghai-based Baosteel, was officially established on December 1, becoming the world's second-largest steelmaker. Accordingly, China Baowu Steel Group has total assets worth RMB 730 billion ($106.0 billion) and 228,000 employees, while its annual sales revenue is expected to amount to RMB 330 billion ($47.9 billion).
Ma Guoqiang, chairman of China Baowu Steel Group, stated at the ceremony for the establishment of the new company that the formation of the new company was a response to China’s domestic policy of pushing forward supply-side reform and structural reform. “We will promote industrial growth and technological innovation in the company by optimizing technological upgrading, structural reform and cutting excess and outdated capacity based on high-end, intelligent, green and service-oriented development principles for steel products at the company”, Ma Guoqiang added.