BaoWu is China's first, the world's second steel enterprises.In December 2016, Wuhan iron and steel, the first oversize steel enterprise in new China, and baosteel, the oversize steel enterprise built in the early stage of China's reform and opening up, were reorganized into China Baowu.In September 2019, China Baowu signed a restructuring implementation agreement with masteel group.After the restructuring, BMW will account for about 9.4 per cent of China's crude steel output.
Chen derong, chairman of China Baowu, said the low-carbon transformation of global steel needs the active participation and action of Chinese enterprises.China's steel output accounts for 50% of the world's. China's huge production capacity can provide sufficient market demand and application scenarios for global steel low-carbon process and technological innovation, and guarantee the maximization of benefits of green technology innovation.
At a recent meeting of the executive board of the world iron and steel association in monterrey, Mexico, China's Baowu proposed the establishment of a "global alliance for green and low-carbon metallurgy".China Baowu is willing to invest in green innovation resources on a large scale -- setting up a low-carbon metallurgy innovation research center and a low-carbon metallurgy technology innovation fund to support the global green and low-carbon metallurgy alliance, Chen said.
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