A production line swings into gear at Baogang's steel sheet plant. [Photo/Baotou Daily]

Iron and steel giant Baogang Group – based in Baotou city, in North China's Inner Mongolia autonomous region – has set out its strategic goals for the 14th Five-Year Plan period (2021-25), with revenue expected to top 200 billion yuan ($31.52 billion) by the end of 2025.

Under the blueprint, Baogang will attach great importance to and expand commercial links with strategic suppliers and general suppliers in the long term. The procurement plan declaration and procurement cycle has reportedly been greatly shortened, while the supply of products has been stabilized and the quality of products has been significantly improved.

By the end of 2021, Baogang Group had nearly 30 strategic suppliers and medium and long-term suppliers for bulk materials procurements, with the annual purchase amount totaling 15.2 billion yuan.

During the 14th Five-Year Plan period (2021-25), Baogang Group will also aim to become a Fortune 500 company.