China officially established a new national steelmaking leader — the world’s second-largest manufacturer — on December 1 by merging two giant mills, as Beijing pushes consolidation in the industry to combat overcapacity.
Shanghai-based Baosteel Group and Wuhan Iron and Steel Group, in the central province of Hubei, were combined to create China Baowu Steel Group, second only to ArcelorMittal.
Its birth was marked with a ceremony in Shanghai attended by top national government and company officials.
