[3] The company was formed by Baosteel Group absorbing its smaller state-owned peer, Wuhan Iron and Steel Corporation in 2016.

[6] In 2019, the company closed the gap with ArcelorMittal reaching 95.47 million tons of steel, and hitting $78 billion in revenues,[7] with 195,434 employees.

The IPO of the subsidiary of Baosteel Group on the Shanghai Stock Exchange in 2000 was the largest in China up to that time, raising CNY 7.7 billion despite being limited to domestic investors only.

[16] Initially, the firm limited its exports to just 10% of steel production, hoping to fulfill domestic demand.

[citation needed] However, with the continuing liberalization of the Chinese economy, Baoshan found itself in competition with new rivals, both foreign and domestic.

[citation needed] By the late 1990s, the company removed its cap on steel exports;[15] it scored notable success in South Korea.

[citation needed] Although hurt by the Asian financial crisis, Baoshan pushed through with a merger of other money losing state owned enterprises, though it had managed to remain profitable itself.

Since then, the strategy of Baosteel Group has been to expand production capacity in iron and steel, achieve vertical integration along the value chain, and acquire related industries.

[21] In 2008 Baosteel Group expended in Southern China, which planned to build a new facility in Zhanjiang, Guangdong, which formally started by its subsidiary Baoshan Iron & Steel in 2012, by acquiring 71.8032% stake of Zhanjiang Iron and Steel for CNY4.976 billion from State-owned Assets Supervision and Administration Commission of Guangzhou City.

Boasteel overseas subsidiaries controls key minerals resources for steel production, such as the Majishan ore terminal in the port of Zhoushan.

Both Baosteel Group and Wuhan Iron and Steel Corporation were supervised by SASAC of the Central Government.