Baogang Group posts Q1 sales just under $2 billion

The sales revenue of major steel producer Baogang Group came in at 13.4 billion yuan ($1.94 billion) in the first quarter of 2019 and the profit was 480 million yuan, according to a report in the Baotou Daily.

The company said it plans to develop into core components for high-end products such as home appliances and automotive panels.

Established in 1954, Baogang Group is based in Baotou and is the largest steel business based in Inner Mongolia autonomous region. It is one of the oldest iron and steel manufacturers in China, with a major plant in the city. It is also the country’s biggest scientific research and production base for rare earth metals.

Steel products are pictured in a workshop of Baogang Group. [Photo/Baotou Daily]

A production line of wide and thick plates for steel sheeting is set up at Baogang Group. [Photo/Baotou Daily]