A huge crane swings into action in a steel factory owned by Baogang Group [Photo/Xinhua]
Baogang Group, the largest iron and steel manufacturer based in North China’s Inner Mongolia autonomous region, has seen its annual total steel production rise to 240 million tons since its first batch of steel produced 60 years ago.
According to Baogang officials, steel production is a major event in the development history of the company, marking the perfection of the steel manufacturing system and laying a solid foundation for extending the industrial chain and producing high-quality steel products.
They said that over the past 60 years, Baogang Group had pursued structural adjustments and promoted industrial upgrades and achieved a comprehensive improvement in its development quality and efficiency.
As a result, it boasts annual production of 16.5 million tons of steel.
The company has predicted final figures for 2019. It will see its operating income reach 87 billion yuan ($12.26 billion) and total assets increase to 177 billion yuan, making the company one of the world's largest rare earth industrial producers and China’s important steel industry operator.
During its 60 years of development, the company produced China's first 75 kg/m heavy rail, oil casings and a 60 kg/m niobium rare earth rail.
This year, in the face of the novel coronavirus epidemic, Baogang Group has focused on its production, operations and virus prevention and control measures. It has actively taken part in the epidemic prevention and control in Baotou, as well as in the autonomous region.
Baogang Group is one of the oldest iron and steel manufacturers in China and has a major plants located in Baotou. It is also the country’s biggest scientific research and production centers for rare earth metals.
In recent years, Baogang Group has been strengthening its ties with neighboring countries and increased exports to countries involved in the Belt and Road Initiative.
Steel rail production is one of Baogang’s main business areas. In order to meet the needs of the country’s railway development, the company has been making efforts in promoting the development of rare earth rails.