China Baowu Steel Group

From Global Energy Monitor
This article is part of the Global Steel Plant Tracker, a project of Global Energy Monitor.
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China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China.[1] The company was formed by Baosteel Group absorbing its smaller state-owned peer, Wuhan Iron and Steel Corporation in 2016.[2]

Baowu is the second largest steel producer in the world measured by crude steel output after ArcelorMittal, with an annual output of around 67 million tons.[3] China's total steel production in 2018 was 928.3 million tons.[3]

History

Baoshan Iron and Steel

Beginning in 1978, the Chinese government began to institute economic reforms and called for a large integrated steel production facility to be located near the port of Shanghai.[4] Baoshan Iron and Steel, a predecessor of Baosteel, was founded in the Baoshan District of Shanghai in 1978.[5]

Baosteel Group

Baoshan Iron and Steel received government contracts to absorb Shanghai Metallurgical (上海冶金控股集团公司) and Shanghai Meishan Group (上海梅山集团公司) to form the Baosteel Group and become China's largest steel maker.[5]

Baowu Steel Group

In 2016, Baosteel and another state-owned steel maker, Wuhan Iron and Steel merged to form the Baowu Steel Group.[2] Baoshan Iron and Steel Company Limited, the listed portion of Baosteel Group tookover Wuhan Iron and Steel Company Limited in an all-share deal, making Wuhan Iron and Steel a wholly owned subsidiary of the Baosteel Group.[6][7]

See history of China Baowu Steel since 2016.

Subsidiaries

List is in progress.

Equity investments

Baosteel Group was a minority owner of Metallurgical Corporation of China Limited for 0.65% (as at 30 June 2010).[8] Excluding the investment held by the listed subsidiary Baoshan Iron and Steel, Baosteel Group owned 0.88% stake (via Hwabao Investment) in PetroChina Pipelines, the company that runs West–East Gas Pipeline.[9]

Baosteel Group, as at 31 December 2015, still owned 15.11% stake in New China Life Insurance, a listed company in both Hong Kong and Shanghai Stock Exchange,[10] as well as China Bohai Bank for 11.67% stake,[11] China Pacific Insurance for 14.17% stake.[12]

References

  1. "Contact Us." Baosteel. Retrieved on February 19, 2020
  2. 2.0 2.1 China completes merger that creates nation's biggest steel company, Reuters, Dec. 1, 2016
  3. 3.0 3.1 World Steel in Figures 2019, World Steel Association, 2019
  4. Brief Introduction, Baosteel, Retrieved on: February 19,2020
  5. 5.0 5.1 [forbes.com/2007/01/16/xie-qihua-baosteel-cx_jc_0116qihua.html#225bfcf938e8/ China's Iron Lady Stepping Down], Su-Ching Jean Chen, Forbes, Jan. 16, 2007
  6. China’s Top Steel Mills Step Closer to Creating Arcelor Rival, Bloomberg News, Sep. 20, 2016}
  7. Moody's says China Baowu Steel nears full merger with Wuhan Steel, no rating impact, Moody's Investors Service, Dec. 6, 2016
  8. "2010 Interim Report" (PDF). Metallurgical Corporation of China Limited. archive of Hong Kong Stock Exchange. 24 August 2010. Retrieved 3 October 2016.
  9. "DISCLOSEABLE TRANSACTION, CONNECTED TRANSACTION" (PDF). PetroChina. archive of Hong Kong Stock Exchange. 24 December 2016. Retrieved 3 October 2016.
  10. "2015 Annual Report" (PDF). New China Life Insurance. archive of Hong Kong Stock Exchange. 17 April 2016. Retrieved 4 October 2016.
  11. "2015 Annual Report" (PDF). China Bohai Bank. 16 June 2016. Retrieved 17 October 2016.
  12. "2015 Annual Report" (PDF). China Pacific Insurance. archive of Hong Kong Stock Exchange. 27 April 2016. Retrieved 20 October 2016.

External links

Wikipedia also has an article on China Baowu Steel Group (China Baowu Steel Group). This article may use content from the Wikipedia article under the terms of the Creative Commons Attribution-ShareAlike 3.0 Unported License].