The factory of Baogang Group in Baotou. [Photo/Baotou Evening News]

Baotou city in North China's Inner Mongolia autonomous region has made coordinated efforts to promote the high-quality development of its steel sector by strengthening its industrial chain, local media reported.

A meeting was recently held by the Baotou city government to advance the high-quality development of the Baogang Group, a State-owned iron and steel company headquartered in Baotou.

During the meeting, Baogang Group signed a framework agreement on industrial chain collaboration with Inner Mongolia Meike New Energy Co and Inner Mongolia North Hauler Joint Stock Co. It also signed strategic cooperation agreements on industrial chain coordination with Inner Mongolia TBEA Energy Equipment Co, Inner Mongolia Fengzhou Materials Co, and Titan Wind Energy, which is based in Suzhou in East China's Jiangsu province. 

According to the agreements, the annual steel procurement volume of the five enterprises affiliated with Baogang Group will reach more than 900,000 metric tons, with a value of about 5 billion yuan ($726 million).

Addressing the meeting, Liu Zhengang, deputy general manager of Baogang Group, said that his company is happy to cooperate with related enterprises in order to accelerate the integration and development of the steel sector's industry chain and supply chain. 

Baogang Group is the largest enterprise in Baotou. Since its establishment 69 years ago, it has continued to grow alongside Baotou city, and now it has developed into a diversified large-scale modern enterprise group. With its main business in steel and rare earth, the company has formed a new pattern to better coordinate and develop its resources, logistics, energy conservation, environmental protection, and equipment manufacturing.

To date, the group’s total asset value is estimated to be 206.5 billion yuan. Since it was put into operation, the company has achieved a total of more than 111 billion yuan in profits and taxes. On the list of top 500 Chinese enterprises in 2022, Baogang Group ranked 203.