China Baowu Iron and Steel Group Co., Ltd. (hereinafter referred to as China Baowu) announced on the 17th that China Baowu is actively integrating into the low-carbon transformation of the global steel industry.

China Baowu is the number one steel company in China and the second in the world. In December 2016, “Wugang”, the first large-scale iron and steel enterprise in New China, and “Baosteel”, a large-scale steel enterprise built in the early days of China’s reform and opening up, were reorganized into China’s Baowu. In September 2019, China Baowu and Maanshan Iron and Steel Group signed a restructuring agreement. After the restructuring of “BMW”, the total output will account for about 9.4% of China's crude steel production.

Chen Derong, chairman of China Baowu, said that the low-carbon transformation of global steel requires the active participation and active action of Chinese companies. China's steel production accounts for 50% of the world's total. China's huge production capacity can provide sufficient market demand and application scenarios for global steel low-carbon process and technological innovation, and provide guarantee for maximizing the benefits of green technology innovation.

At the recent Worldsteel Executive Council meeting in Monterrey, Mexico, China Baowu issued an initiative to establish the “Global Green Low Carbon Metallurgy Alliance”. Chen Derong said that China Baowu is willing to invest heavily in green innovation resources - to set up a low carbon metallurgy innovation research center and to build a "low carbon metallurgy technology innovation fund" to support the operation of the "global green low carbon metallurgy alliance".

"In the long-term practice, we deeply understand that the green transformation is a subversive revolution of the traditional steel value chain. The non-industry can be completed, and the joint efforts of steel enterprises and upstream and downstream enterprises in the industrial chain are needed." Chen Derong said.