(Bloomberg) -- Baoshan Iron & Steel Co., the listed unit of China's top producer, has usurped ArcelorMittal as the largest steelmaker by market value. Nippon Steel & Sumitomo Metal Corp. held the crown about two years ago when the industry was emerging from its worst crisis in years. Then, as biggest supplier China began to slash bloated capacity, global prices surged, benefiting mills from Baosteel to Posco. Nippon Steel was left behind because its long-term supply contracts with customers prevented it from increasing prices as much as the others, said Takeshi Irisawa, a Tokyo-based analyst at Tachibana Securities Co.
To contact the reporter on this story: Masumi Suga in Tokyo at msuga@bloomberg.net.
To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net, James Poole
©2018 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
