China Baowu Steel Group, established by the consolidation and restructuring of the former Baosteel Group and Wuhan Iron & Steel, was officially unveiled on 1 December 2016. China Baowu is a pilot enterprise of state-owned capital investment companies with a registered capital of RMB52.79 billion, an asset scale of RMB739.5 billion and production capacity of 70 million tonnes. In 2017, China Baowu generated operating revenue of RMB400.5 billion and a profit of RMB14.27 billion, ranking 162nd among the Fortune Global 500 companies.