Baowu Group Pledges Restructuring & Output Cuts in H2
Reuters reported that world's biggest steel producer China Baowu Steel Group pledged to cut output in the second half of the year in response to Beijing's commitment to limit annual production in order to reduce carbon emissions as it would ensure efficiency and performance in the remainder of the year, while controlling production. Baowu Steel, citing its Chairman Mr Chen Derong, said in a statement “This is a political issue with no room for bargaining, and it must be resolutely implemented. It would push forward with its joint reorganisation to enhance its industry status and performance in the second half. Last month, the company was working with Shandong Iron and Steel Group on a strategic restructuring.”
China's state-owned Assets Supervision and Administration Commission of the State Council owned Baowu Group produced 115 million tonnes of steel in 2020.