A steel production workshop owned by Baogang Group, the largest steel company in Inner Mongolia autonomous region [Photo/Baotou Daily]
Baogang Group, the largest iron and steel manufacturer in Baotou, North China's Inner Mongolia autonomous region, has reported strong corporate development, with its operating income hitting 41.07 billion yuan ($6.02 billion) and total profits reaching 349 million yuan in the first half of 2020.
This year, in the face of the COVID-19 epidemic, Baogang Group has focused on its production, operations and virus prevention and control measures. It has actively taken part in epidemic prevention and control in Baotou, as well as throughout the autonomous region.
With the gradual improvement in the domestic epidemic prevention and control situation, the domestic steel industry has returned to a growth trend, and downstream demand has gradually recovered.
While revenue continues to grow, Baogang has also achieved a number of technological breakthroughs.
At the beginning of this year, the company's technical experts set up a project to develop rare earth sulfide oxide metallurgy technology, dedicated to technological innovation in the application of rare earths in steel, and to improve the welding performance and welding efficiency of steel.
Baogang's overseas market performance is also eye-catching. In February of this year, Baogang's cold rolling products obtained the Japanese JIS standard certification, laying a good foundation for cold series products to explore the Japanese market.
According to company officials, the company has so far signed orders for approximately 200 tons of steel products with Japanese customers.
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.