According to Inner Mongolia-based Chinese steelmaker
Baotou Iron and Steel Co. (Baogang Group), in the first 10 months of the current year Baogang Group's sales revenue totaled RMB 50.1 billion ($7.90 billion). Up to now, no company in the autonomous region of Inner Mongolia has ever achieved annual sales revenues in excess of RMB 50 billion.
In addition, in the first three quarters of this year, Baogang Group's listed subsidiary Inner Mongolia
Baotou Steel Union Co. achieved revenue totaling RMB 33.102 million ($5.23 billion), while it saw a 25 percent year-on-year increase in net profit to RMB 638 million ($100.8 million). Meanwhile, revenue of Inner Mongolia
Baotou Steel Rare-Earth Hi-Tech Co., another listed subsidiary of Baogang Group, in January-September this year increased by 1.75 times to RMB 10.09 billion ($1.59 billion), while its net profit rose by 4.17 times to RMB 3.129 billion ($0.49 billion), both on year-on-year basis.