Bao Steel government-funded growth
Appears in 1 lecture.
Appearances across the corpus
Current (2016) world's largest steel company; Chinese government funded.
When I said Bethlehem Steel was the last company in the world 50 years ago to build a steel plant, that's correct. Since then we've built plenty of steel plants in the world, but it was always a country that financed it. POSCO Steel in the 1990s became the world's largest steel company, passing US Steel as the world's largest steel producer, but they were funded by the government of South Korea. The world's largest steel company today is Bao Steel in China, funded by the Chinese government. Now, you can say ArcelorMittal is a huge steel company, but they haven't built any new plants that I know of. They go out and buy these other plants at ten cents on the dollar when the great managers run them into the ground.