Where Data Tells the Story
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Following massive stimulus after the global financial crisis, China grew to produce more than half of global steel production by 2015.
China Baowu Group, the largest steelmaker worldwide, produced 130.1 million tonnes of steel in 2024—more than nearly every other country.
Amid growing concerns of excess capacity, Beijing recently announced it plans to cut steel output, with some estimating a reduction of up to 50 million metric tonnes this year.