World's largest producer sounds the alarm on iron ore
Chinese steel producer Baowu indicated apprehension from its top ranks this week when the company's CEO formally warned employees at the half-year meeting.
Baowu is the world's largest steel producer, Bloomberg reported, and its management conveyed economic concerns during the address at the midyear meeting. Specifically, the availability and price of iron ore were considered urgent challenges.
Many news outlets have reported on the matter, including Bloomberg, Financial Times, and Yahoo! Finance.
China Baowu Steel Group Corporation Limited (hereinafter referred to as “China Baowu” or “Baowu”) , headquartered in Shanghai, is an important state-owned backbone enterprise directly administrated by the central government.
In 2020, China Baowu was recognized by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) as a Chinese state-owned enterprise (SOE) aiming to create a world-class demonstration model. In 2022, the corporation was approved to transform into a state-owned capital investment company and launched the construction of the "chain leader" of the new low-carbon metallurgical modern industry chain.
As of 2023, China Baowu’s asset size reached RMB 1.36 trillion, with a steel production of 130 million tons and a total operating revenue of RMB 1.11 trillion, per the Baowu Group website. China Baowu ranks 44th on the Fortune Global 500 released in 2024, continuing to lead the global steel industry.
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