The 2025 Fortune Global 500, a list of the world's largest corporations ranked by revenue for the 2024 fiscal year, was announced on July 29. The Hunan Iron & Steel Group, a state-owned enterprise of Hunan Province, ranked 483rd on the list with the revenue of 33.4 billion USD. The group has made the list for four consecutive years, and remains the only Hunan-based enterprise being shortlisted.

In 2024, the Hunan Iron & Steel Group achieved the revenue totaling 240 billion CNY, an increase of 1.7%. The profits were nine billion CNY, maintaining its position among the top three in the industry in terms of profitability. Meanwhile, the group has continued to drive the adjustment of its product mix toward the mid- to high-end of the value chain through technological innovation. It has developed 138 new products, launched 26 advanced and sophisticated products, and developed 18 products to replace imported ones. The sales share of its key steel products reached 65%.

The corporations on the 2025 Fortune Global 500 annual list combined to generate 41.7 trillion USD in revenue in 2024, representing more than one-third of the world's GDP. The threshold of the list grew from 3.21 billion USD to 3.22 billion USD. Walmart earned the top spot on the Fortune Global 500 list for the 12th straight year, followed by Amazon and the State Grid Corporation of China.

Among the 130 Chinese companies on the list, other companies of the iron and steel industry included China Baowu Steel Group Corporation Limited, HBIS Group Co., Ltd., Hangzhou Iron & Steel Group Company, Jiangsu Shagang Group, and Ansteel Group Corporation Limited.

This article is from the Hunan Provincial Government www.enghunan.gov.cn.

Translator: Yu Jiangjiang

Chinese source: hunantoday