Baosteel Group Corporation

China Baowu Steel Group

The headquarters, Baosteel Tower in Pudong, Shanghai
Type	State-owned enterprise
Industry	Steel
Predecessor	Shanghai Baosteel Group Corporation Wuhan Iron and Steel Corporation
Founded	December 1, 2016; 2 months ago (2016-12-01)
Headquarters	Shanghai, China
Key people	Ma Guoqiang (Chairman and Party Committee Secretary)
Products	Steel, flat steel products, long steel products, wire products, plates
Owner	Chinese Central Government (100%)
Parent	SASAC of the State Council
Subsidiaries	see list
Website	www.baosteel.com
Footnotes / references

China Baowu Steel Group Corp., Ltd., commonly referred to as Baowu Steel, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China.

Baosteel is the fifth-largest steel producer in the world measured by crude steel output, with an annual output of around 35 million tons (China's total steel production in 2015 was 803.8 million tons). It employs 130,401 employees as of the end of 2012, has annual revenues of around $21.5 billion, and produces a mix of products.

According to World Steel Association (Chinese companies data was provided by China Iron and Steel Association), the corporation was ranked the 5th in 2015 the world ranking by production volume (2nd in China for 34.938 million metric tons). A plan to merge with Wuhan Iron and Steel Corporation was announced on 21–22 September 2016, the pro forma production volume would be the second in the world (34.938 million + 25.776 million), after ArcelorMittal (97.136 million in 2015), suppressing Hesteel Group (47.745 million in 2015). Since Baosteel Group and Wuhan Iron and Steel Corporation also announced targets of cutting 3.95 and 4.42 million metric tons production capacity respectively in June and July 2016, and a further cut for Baosteel Group of 2.10 million and 3.15 million was already planned the final ranking may still significantly change.

The IPO of the subsidiary of Baosteel Group on the in 2000 was the largest in China up to that time, raising CNY 7.7 billion despite being limited to domestic investors only.

Beginning in 1978, the Chinese government began to institute economic reforms. Plans called for a large integrated steel production facility to be located near the port of Shanghai. The Baoshan District, a suburb of Shanghai, was chosen as the site and Japanese assistance was enlisted in constructing one of the most modern steel plants of the time. As the government's flagship steel company, Baoshan Iron and Steel as it was originally called, benefitted from acquiring the engineers and managers, access to technology, and receiving government contracts.