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China Baowu Steel Group is the largest iron and steel company in the world. As China fast-tracked consolidation of its steel industry in 2021, the state-owned Baowu brought in $150.7 billion in revenue, breaking into the top 50 of the Global 500 for the first time. Baowu plans to produce 200 million metric tons of crude steel by 2025, and its ongoing acquisition of state-owned Shandong Iron & Steel Group and majority stake purchase of Xinyu Iron & Steel Group bring it closer to that target. Baowu was the largest steelmaker globally for the second year in a row, according to the World Steel Association, with crude steel output jumping 4.35% to 120 million metric tons in 2021. As China limits its crude steel output as part of a plan to curb carbon emissions, Baowu has pledged to reduce its carbon output by 30% by 2035, and achieve carbon neutrality by 2050. In November 2021, Baowu established a global alliance with more than 60 other steelmakers to address cutting emissions in the industry.
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