Baotou Yili New Energy Equipment Manufacturing Co has completed its high-performance electrical steel project, which received a total investment of 500 million yuan ($69.59 million) and will have an annual production of 400,000 metric tons.

The project spans nearly 50,000 square meters and primarily produces high-end electrical steel raw materials. Construction began in January 2024 and has now completed the main body of the Changhua line, steel structure, and factory buildings.

The project's equipment, developed by the company, has the advantages of high automation, low cost, and high efficiency, and has outstanding competitiveness in the domestic market. As a supporting industry for the "two rare earth bases", the project has achieved the transformation and upgrading of steel products, and the extension of the industrial chain, providing strong support for the development of Baotou's permanent magnet motor industry.

The project is the largest and only production and processing base for electrical steel raw materials among domestic private enterprises. It is expected to achieve a business income of 2.5 billion yuan and provide more than 1,000 new job positions.