China's Baowu unseats ArcelorMittal as world's top steelmaker

European giant loses title for first time in 19 years as Chinese players dominate top 10

Although China leads the world in steel production, no Chinese company had emerged as the top steelmaker -- until last year. © Reuters

SOTARO YUMAE and KENTARO TSUTSUMI, Nikkei staff writers

July 9, 2021 12:04 JST

TOKYO -- China Baowu Steel Group became the world's largest steelmaker by volume in 2020, making it the first company to overtake ArcelorMittal in 19 years and the first Chinese player to climb to the top of the list.

China's steelmakers have undergone major streamlining drives to curb overcapacity even as domestic demand remained strong. With seven of the world's top 10 producers now based in China, the country has emerged as a powerhouse in steel over veteran industry leaders like Japan.