Posco’s world ranking down on Chinese steel merge
According to report, South Korea’s largest steelmaker, Posco, was pushed down in world crude steel production rankings to No.5 in 2016 due to a merger of Chinese steelmaker.
Posco’s 2016 production reached 41.5 million and listed as fifth largest steelmaker among 50 companies, according to the data from World Steel Association. It ranked No.4 as it produced 41.9 million tons.
It is believed that the ranking down was from the merger of China’s Wuhan Group and Baosteel and more mergers will come in the future.
The world’s largest steelmaker remains ArcelorMittal with production of 95.4 million tons last year. China’s Baowu Steel Croup now in second place with output of 63.8 million tons. Hebei Iron & Steel Group turned to the third position with output of 46.1 million tons.
