[Ferro-Alloys.com] China Baowu Steel Group is set to become the world's largest crude steel producer this year, having crossed the output mark of 100 million metric tons, a first for any Chinese steelmaker.

The steel giant is going to pursue latest technologies and innovation and emerge as the global steel industry leader, said its chairman.

"Baowu will overtake Arcelor-Mittal to become the world's No 1 crude steel producer this year," said Chen Derong, its chairman.

The Ministry of Economy, Trade and Industry ( METI) reported on December 22, 2020, that the demand for steel in the first quarter of 2021 (fourth fiscal quarter) is estimated at 20.64 million tons, which will fall 3.4% from 21.37 million tons in the same period last year. However, due to the demand growth driven by the increase of downstream users' output, Japan's steel demand in the first quarter of 2021 is expected to increase slightly by 1.6% compared with the estimated value in the fourth quarter of 2020.

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