Gleaming new coils of steel are ready for shipment at a Baogang Group steel production warehouse. [Photo/Baotou Daily]

The Baogang Group, based in Baotou city – located in North China's Inner Mongolia autonomous region – was awarded a five-star rating for its 2021 social responsibility report, marking progress in its high-quality development.

Baogang Group, or Baotou Iron and Steel Group, is a State-owned iron and steel company. It is the largest steel business based in the autonomous region and one of the oldest iron and steel industrial centers in China, with a large production base and the largest scientific research and production base for rare earth metals in the country.

In 2021, Baogang Group achieved an operating income of 126.04 billion yuan ($17.35 billion), a profit of 10.36 billion yuan and total assets of 209.4 billion yuan. It has become the first enterprise in the autonomous region to have annual revenue topping 100 billion yuan.

Over the past decade, the company's operating income has increased from 50.52 billion yuan to 126.04 billion yuan, an increase of 149.5 percent. Its profit at the same time has risen from 1.59 billion yuan to 10.36 billion yuan, up 552.8 percent. Meanwhile, total assets have surged from 99.8 billion yuan to 209.4 billion yuan, a gain of 109.8 percent.

The company has made every effort to promote its strategic transformation focusing on rare earth and build an industrial system for new rare earth steel materials and rare earth functional materials.

Its rare earth industry smelting and separation technology has a leading position in the world, while its output of magnetic materials and polishing materials ranks first globally.