BMW and HBIS will also jointly carry out research and development of carbon capture.

Sun Guolong, general manager of Baogang Group, said carbon capture utilization and storage will play a critical and evolving role in China's energy transition.

Steel, magnesium and its products, and coal are among the major exported commodities.

An executive of the company said such a practice has multiple benefits in both economic and environmental terms.

China is a large consumer of iron ore.

In terms of improvement in rankings, China's Ansteel Group Corp made the highest jump across 183 places to 217.

China reduced as much air pollution in seven years as the United States did in three decades.

But to cut pollution, China has reduced steel production, leading to the closure of many plants.