China Baowu Steel Group
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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]
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.[3] Baoshan Iron and Steel, a predecessor of Baosteel, was founded in the Baoshan District of Shanghai in 1978.[4]
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.[4]
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.[5][6]
Since 2019, China Baowu has jointly reorganized Maanshan Iron and Steel Group and Taiyuan Iron and Steel Group, actually controlled Chongqing Iron and Steel, and was entrusted with the management of Sinosteel Group, Chongqing Iron and Steel Group and Kunming Iron and Steel Company, and achieved a substantial jump in overall production capacity.[7]
In July 2021, Shandong Iron and Steel (600022.SH) announced that Shandong State-owned Assets Supervision and Administration Commission and China Baowu are planning a strategic reorganization of Shandong Iron and Steel Group, which may lead to changes in the company's controlling shareholders and actual controllers.[7]
On April 24, 2022, Xinyu Iron and Steel Co., Ltd. (Xingang Co., Ltd., 600782.SH) announced that China Baowu Iron and Steel Group Co., Ltd. will become the company's new controlling shareholder.[7]
See history of China Baowu Steel since 2016.
Climate Commitments
In January 2021, China Baowu took the lead in publishing the declaration on carbon emission reduction in the steel industry: strive to achieve carbon peak by 2023 and carbon neutralization by 2050.[8]
In July 2021, China Baowu Steel Group has signed an agreement with partners to set up a “carbon neutral” fund, targeting a total investment of 50 billion yuan ($7.74 billion).[9]
In November 2021, "China Baowu carbon Neutralization Action Plan" released to explore new ideas of green low-carbon metallurgy in the industry.[10]
In November 2021, China Baowu Steel Group has set up a Global Low-Carbon Metallurgical Innovation Alliance with partners to tackle climate change.[11]
Subsidiaries
The following companies are fully or partially owned/operated under China Baowu Steel Group Corp., Ltd.
- Steel plants
- Baoshan Iron and Steel Co., Ltd.(Baosteel)
- China South Steel Group
- Masteel (Group) Holdings Co., Ltd.
- Taiyuan Iron and Steel (Group)
- Xinjiang Ba Yi Iron and Steel Co., Ltd.
- Echeng Iron and Steel Co., Ltd.
- Baosteel Special Steel Co., Ltd. plant
- Xinjiang Tianshan Iron and Steel United Co., Ltd.
- Baosteel Desheng Stainless Steel Co., Ltd. plant
- WISCO Group Xiangyang Heavy Equipment Materials Co., Ltd. steel plant
- Chongqing Changshou Lron and STREET Co., Ltd.
References
- ↑ "Contact Us." Baosteel. Retrieved on February 19, 2020
- ↑ 2.0 2.1 China completes merger that creates nation's biggest steel company, Reuters, Dec. 1, 2016
- ↑ Brief Introduction, Baosteel, Retrieved on: February 19,2020
- ↑ 4.0 4.1 [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
- ↑ China’s Top Steel Mills Step Closer to Creating Arcelor Rival, Bloomberg News, Sep. 20, 2016}
- ↑ Moody's says China Baowu Steel nears full merger with Wuhan Steel, no rating impact, Moody's Investors Service, Dec. 6, 2016
- ↑ 7.0 7.1 7.2 "中国宝武控股新钢集团，2亿吨粗钢产能目标再进一步", 21世纪经济报道, April 24, 2022
- ↑ "China Baowu Group". www.baowugroup.com. Retrieved 2022-06-02.
- ↑ Staff, Reuters (2021-07-15). "Top steelmaker China Baowu plans 50 billion yuan carbon fund". Reuters. Retrieved 2022-06-02.
{{cite news}}:|first=has generic name (help) - ↑ ""China Baowu carbon Neutralization Action Plan" released to explore new ideas of green low-carbon metallurgy in the industry_SMM | Shanghai Non ferrous Metals". news.metal.com. Nov 29, 2021.
{{cite web}}: CS1 maint: url-status (link) - ↑ "Top steel firm China Baowu unveils global alliance to cut emissions". Reuters. 2021-11-18. Retrieved 2022-06-02.
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].
