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As of 2025, Shanghai-based Baowu reported revenue of over *** billion U.S. dollars, dwarfing all other companies as the world’s largest iron and steel company in terms of revenue, including Luxemburg-based ArcelorMittal.

Baowu races to the top

Formed through the 2016 merger of Baosteel Group and Wuhan Iron and Steel Group (WISCO), Baowu continued the ramp-up of its production throughout 2023, outperforming its rivals. ArcelorMittal is the company that had long generated the highest revenue among iron and steel companies since the 2006 merger of Mittal Steel with Arcelor. In terms of steel output, Baowu was also the leading company in 2024. 

Environmental woes

Steelmakers lost public reputation after the discovery of a price-fixing scandal that lasted from 1987 to 2002, resulting in fines of approximately *** million euros. The cartel consisted of ** producers of steel, including ArcelorMittal, and trust in ArcelorMittal was still low in 2018.

The steel industry is a major source of pollution across the world. During the steelmaking process, coal furnaces release carbon dioxide and sulfur dioxide emissions. In Ukraine, President Zelenskyy had been critical of ArcelorMittal’s pollution levels, and poor environmental standards have sparked criticism of ArcelorMittal after the acquisition of an out-of-date steel plant in Italy.