The plate production line of Baogang's steel sheet plant is stepping up production. [Photo/Baotou Daily]

Baogang Group, based in Baotou in North China's Inner Mongolia autonomous region, is expected to achieve 106.19 billion yuan ($16.62 billion) in operating income and 8.66 billion yuan in profits in the first 10 months of 2021, according to local media reports.

This makes Baogang Group the first enterprise in the autonomous region to have operating revenue exceeding 100 billion yuan, which is under the supervision of the State-owned Assets Supervision and Administration Commission of Inner Mongolia.

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 Chinese steel companies.