a capital investment of more than . The subsidiary was established in 2011 by merging subsidiaries and divisions into one subsidiary; The mining subsidiary owned 5 mines, namely: , , , and . In mid-2019, central government owned China Baowu Steel Group acquired 51% stake of Masteel Group from the State-owned Assets Supervision and Administration Commission (SASAC) of for free. The acquisition also included the indirect controlling stake (45.54%) of the list subsidiary Maanshan Iron and Steel Co., Ltd. Baowu was owned by Central Government (The State Council)'s SASAC. According to World Steel Association, China Baowu Steel Group was the world second-largest steel producer by volume in year 2018, while Masteel Group was ranked the 16th. In 2018, China Baowu Steel Group and their subsidiaries had produced 67.43 million metric tons of steel, while Masteel Group, including the subsidiary Maanshan Iron and Steel Co., Ltd., had produced 19.64 million metric tons. It was speculated by the journalist that the enlarged China Baowu Steel Group could reach 100 million metric tons of steel production capacity by their methodology, despite by equity ratio, Baowu only owned 22.23% shares of the indirect subsidiary Maanshan Iron and Steel Co., Ltd., the steel production entity of Masteel Group. Footnotes References External links Manufacturing companies established in 1953 Steel companies of China Holding companies of China Baowu Companies owned by the provincial government of China Companies based in Anhui 1953 establishments in China