Posted on 26 Feb 2025
China Baowu Steel Group (Baowu), the world's largest steelmaker, has unveiled its new strategic roadmap for the next ten years, aiming to build itself into a world-class leader in both steel and light metal materials, Mysteel has learned from the state-owned steel conglomerate's Second Party Congress of the Communist Party of China that wrapped up last Friday.
With its new development strategy focusing on providing comprehensive solutions for steel and light metal materials, the steel giant has set five key long-term goals by 2035: raising its R&D intensity to 5%; driving operating revenue from advanced steel materials to 40%; reducing carbon emissions per tonne of steel by 30%; expanding global presence with overseas assets, revenue and employees each making up 20% of the total; and achieving a 10% return on equity.
Baowu highlighted its intent to enhance its competitiveness in light metal materials such as magnesium, aluminum, and titanium, specialized metallurgical materials with high-temperature resistance, corrosion resistance, and precision capabilities, as well as other non-metal advanced materials. The company will collaborate closely with the steel industry to offer integrated solutions of these advanced materials, it stated.
Additionally, Baowu will keep committed to innovation and sustainability to enhance its ambition to be a leader in the world's evolving steel and materials industry, the company added.
Source:Mysteel Global
