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Shanghai Baosteel Group Corporation, commonly referred to as Baosteel Group, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. Baosteel is the fourth-largest steel producer in the world measured by crude steel output (after ArcelorMittal), with an annual output of around 40 million tons (China's total steel production in 2012 was 716 million tons). It employs 130,401 employees as of the end of 2012, has annual revenues of around $21.5 billion, and produces a mix of products. According to World Steel Association (Chinese companies data was provided by China Iron and Steel Association), the corporation was ranked the 5th in 2015 the world ranking by production volume (2nd in China for 34.938 million metric tons). A plan to merge with Wuhan Iron and Steel Corporation was announced on 21–22 September 2016, the pro forma production volume would be the second in the world (34.938 million + 25.776 million), after ArcelorMittal (97.136 million in 2015), suppressing Hesteel Group (47.745 million in 2015). Since Baosteel Group and Wuhan Iron and Steel Corporation also announced targets of cutting 3.95 and 4.42 million metric tons production capacity respectively in June and July 2016, and a further cut for Baosteel Group of 2.10 million and 3.15 million were already planed the final ranking may still significantly change. 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.

Wuhan Iron and Steel (Group) Corporation (WISCO), is a Chinese state-owned enterprise. It started to operate in 1958 in Qingshan, Wuhan, Hubei, China. It was administrated by State-owned Assets Supervision and Administration Commission of the State Council (SASAC), but in 2016 it would be merged with fellow SASAC supervised steel maker Baosteel Group. According to World Steel Association (Chinese companies data was provided by China Iron and Steel Association), the corporation was ranked the 11th in 2015 the world ranking by production volume. However, after a heavy net loss in 2015, a plan to cut the production capacity in Qingshan plant, Ezhou and Xiangyang for a total of 4.42 million metric tonns.