(Yicai Global) March 5 -- China Baowu Steel Group led the world in crude steel output for the first time last year, finally knocking Luxembourg-based ArcelorMittal from the top spot.

The Shanghai-based firm produced 95.2 million tons of crude steel in 2019, generating CNY556.6 billion (USD80.3 billion) in revenue, it said in a statement yesterday. Profit reached CNY34.5 billion.

ArcelorMittal said online on Feb. 6 that its output totaled 89.8 million tons for 2019, down 2.9 percent from the previous year, while revenue tallied USD70.6 million last year. The firm, which resulted from Indian firm Mittal Steel's takeover of Arcelor in 2006, has topped the world rankings since its formation.

China's economy is huge and its iron and steel sector makes up about half of global output, said Baowu Chairman Chen Derong. Several Chinese steelmakers are among the top producers worldwide, he added, saying this is not unexpected and that Baowu did not have the best profit margins among the biggest firms, so should look to improve its technology.

Baowu has been China's top steelmaker and the world's second-largest since 2016, when it formed through the merger of Baoshan Iron and Steel Group and Wuhan Iron and Steel and put out 70 million tons of steel that year.

Editor: James Boynton