Baogang Group reaches income of $16 billion in 2023

In 2023, Baogang Group was projected to achieve an annual operating income of 115 billion yuan ($16.11 billion), a total profit of 5.3 billion yuan, and contribute 10.98 billion yuan in taxes, all of which positions the group at the forefront of the manufacturing industry.

Throughout 2023, Baogang Group has actively steered its transformation and upgrading work towards "high-end, intelligent, and green" initiatives, which continuously enhanced the quality of the group's development.

The construction of research platforms, such as the Rare Earth New Materials Technology Innovation Center, was expedited. A series of rare earth research outcomes were transformed into practical applications, leading to the first-ever large-scale production of medium and heavy rare earth metal products.

In 2023, the city also began efforts to establish a high-end steel production base, contributing to the collaborative development of the "Belt and Road" Initiative. The company supplied 50-meter steel rails for the Hungary-Serbia Railway project.

Baogang Group has also developed its resources and comprehensive utilization strategies. It has vigorously expanded into emerging industries such as logistics, coal coking, energy conservation, environmental protection, equipment manufacturing, and production and life services.

The company's significant achievements in green and low-carbon development were evident, with the completion of all 82 ultra-low emission transformation projects and a factory greening coverage rate reaching 50.1 percent.