China Baowu Steel bought shares to XinSteel

China Baowu Steel Group the world's largest steel company, has purchased a 51 percent stake in XinSteel the largest steel producer in China's Jiangxi province. It announced its merger with Shandong Iron and Steel last July. Baowu was established in 2016 through the restructuring of the former Baosteel Group and the Wuhan Iron and Steel Group. According to the World Steel Association, Baowu's crude steel production reached 115 million tons in 2020, ranking first in the world.