Gleaming new coils of finished steel are stored, ready to be sent to customers, at a steel production workshop operated by Baogang Group. [Photo/northnews.cn]

Baogang Group, based in Baotou in North China's Inner Mongolia autonomous region, is striving to achieve 10 billion yuan ($1.56 billion) in profits this year, according to local media reports.

Baogang Group, founded in 1954, is one of the oldest iron and steel manufacturers in China and has a major plant located in Baotou. It is also the country's biggest scientific research and production center for rare earth metals.

In 2020, Baogang Group produced 15.61 million metric tons of steel, ranking 23rd among global steel companies and 14th among shortlisted Chinese steel companies.

As of the end of September this year, the company's consolidated operating income is expected to be 94.01 billion yuan, and its total consolidated profit is expected to be 8 billion yuan, a record high for the company.