According to China Iron and Steel Association (CISA), China continued to advance M&A in the steel industry in 2021. For instance, Baowu Group reorganized Kunming Steel and signed agreement with SASAC of Shandong province on restructuring of Shandong Steel group. After the reorganization, Baowu will have a steelmaking capacity of 150 million tonnes.
As of November 2021, crude steel output of top 10 Chinese steelmakers accounted for 40.39% of the total production, up 2.99% year over year. While output of top 20 Chinese steelmakers accounted for 54.85% of the total production, up 3.26% year over year.