Baowu Group's steel production increased by 1% y-o-y to a total of 131.84 million tonnes. This was significantly higher than its closest competitor ArcelorMittal's steel output, which decreased by 13.1% to 68.9 million tonnes.
The large number of Chinese companies among the top 10 steel companies by total steel production in 2022 is an important proof of China's dominance in the steel industry. Baowu Group's remarkable growth helped to strengthen the position of Chinese steel companies in general. However, despite the success of these companies, the combined share of the top 10 steelmakers in global steel production decreased slightly from 27.85 per cent in 2021 to 27.71 per cent in 2022.
Global steel production faced challenges in 2022, decreasing by 4.3% y-o-y to 1.831 billion tonnes. As reported by the World Steel Association, global steel production in April 2023 decreased by 2.4% compared to the same month in 2022.
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