North Heavy Industries sees profits grow

Inner Mongolia North Heavy Industries Group maintained steady revenue growth with operating income for the first five months of 2018 reaching 2.31 billion yuan ($348 million), according to Baotou Daily.

The figure represents year-on-year growth of 42.6 percent. Total profits at the firm hit 18.67 million yuan, an increase of 13.09 million compared to the previous year.

Established in 1954, Inner Mongolia North Heavy Industries Group is one of 156 national key projects established during the first Five-Year Plan period (1953-1957).

The company is engaged in special steel smelting, extrusion, casting, forging and machinery. It operates in an area measuring 350 square kilometers and has total assets of 15.3 billion yuan ($2.3 billion). It has more than 15,000 employees and 9,300 pieces of equipment and devices, with gross revenue of more than 10 billion yuan.

The main businesses of the company include manufacturing weapons and equipment, special steel and augmented products, as well as mining trucks and engineering machinery.

Inner Mongolia North Heavy Industries Group [Photo/bfzg.com]