History of Baotou Steel 
Baotou Steel is part of the Baogang Group. In addition iron and steelmaking, the group also has a major presence in rare earths production.
In 2024, the Baotou Steel was the 26th largest steelmaker in the world, producing ~15 million tonnes (mt) of liquid steel.
The timeline below covers the history of the firm.
- 1954: Baotou Iron and Steel Company founded in 1954.
- 1997: Inner Mongolia Baotou Steel Union Co Ltd obtains listing.
- 2005: Signs 10-year contract for technical cooperation with Fives.
- 2007: Ends talks with Arcelor Mittal on sale of equity stake to global giant.
- 2007: Considers merger with Baosteel in mid-2007.
- 2007: Issues shares to buy steel manufacturing assets from parent.
- 2009: Invests 260m yuan in pellet project joint venture.
- 2010: Abandons merger discussions with Baosteel.
- 2017: Investigation begins into Baotou Steel Chairman Zhou Bingli.
- 2018: Invests in slag pilot plant in jv with Colombia University.
- 2019: Two key shareholders unload 6% ownership stake.
- 2019: Zhou Bingli sentenced to 11 years in jail for taking bribes.
- 2019: Former chairman Cui Chen is jailed for taking bribes.
- 2020: Firm considers debt for equity swap to clear outstanding loans.
- 2020: Forms JV with Tenaris to build pipe connection threading plant in Baotou.
- 2021: Restructures 15 billion yuan debt via state-backed investment.
- 2022: Sells minority stake in energy unit to environmental technology firm.
- 2023: Partners with CNNC for nuclear steel alloys.
- 2024: Press rumours discuss potential merger with Baowu Group.
- 2025: Starts production of 400 kilometer per hour high-speed rails.
- 2025: Commences production of 800 MPa ultra high-strength plate.
- 2026: Explosion at Baotou rare-earth steel plate plant kills 10 and injures 84.
Notes
- 1954: The original business focus of the firm was research and production of rare earths [including niobium and thorium] as well as iron and steelmaking.
- 2005: 10-year contract with Fives was for technical support for the development and the production of a wide range of high value-added automotive steels, including the latest advanced high-strength steels. Under this agreement, Fives was to provide high-end technological and process expertise encompassing upstream and downstream production processes: steel making, hot rolling, pickling, cold rolling, annealing and galvanising. The cooperation agreement included extensive training, high-level technical support, development and certification of new high-end automotive steel products.
- 2006: Mittal involved in talks with Baotou to buy up to 49 percent of the firm's equity.
- 2007: Shares in the listed subsidiary were sold to the parent, Baotou Iron and Steel Group, in exchange for steelmaking assets. This enabled the Shanghai stock exchange listing to cover all the group's main manufacturing plant and equipment.
- 2009: The pellet plant investment concerned a new 1.2 million t/y oxidised pellet plant, to be built in cooperation with the Inner Mongolia Dazhong Mining Co Ltd, for an 86.67 equity stake consideration in the joint venture.
- 2010: On collapse of the merger talks with Baosteel (China) there was some discussion that Anshan Iron and Steel (also known as Angang) would bid for the Inner Mongolian company.
- 2018: The aim of the pilot plant project was to test and commercialise technology that can turn iron and steel slag into safe material for use in other industrial processes.
- 2019: In September 2019, the former head of the Baotou Iron and Steel Group Co was sentenced to 18 years in prison for accepting bribes of more $3.3 million. According to court documents, Cui Chen took advantage of his senior position to solicit bribes and illegally accumulate large property holdings. Cui joined Baotou Steel in 1975 and rose to the top job in 2007, when he was named Chairman. In 2010, he left Baotou Steel to join the Department of Industry and Information. Baotou Steel made headlines in 2007 when it announced it would acquire the Huamei Rare Earth High-Tech Co. Ltd, which mines and processes highly sought after rare earth products used in hi-tech applications such as smartphones. It was this deal that became the major focus in Cui's bribery investigation. Cui was accused of taking bribes from Huamei founder Ma Yongmao in exchange for benefits in the takeover deal.
- 2019: Zhou Bingli was Cui Chens successor. He was appointed chairman of Baogang Group in 2010. Bingli left the Baogang Group in 2016.
- 2020: Tenaris joint venture with Inner Mongolia Baotou Steel Union Co will build a steel pipe premium connection threading plant to produce OCTG products in Baotou, China. Under the agreement, Tenaris is to own 60% of shares in the new joint-venture company, while Inner Mongolia Baotou Steel will hold the remaining 40%. Target date for commencing production is the fourth quarter of 2021.
- 2021: Restructuring of Yuan 15 billion debt required State-backed investors to provided Yuan 7.5 billion in fresh capital while creditors agreed to convert Yuan 5.8 billion of loans to equity. Remaining debt was rescheduled with extended maturities and reduced interest rates. This restructuring prevented potential bankruptcy and preserved over 45,000 jobs in Inner Mongolia's industrial sector.
- 2022: In January 2022, state-owned Baotou announced the proposed sale to the Beijing ZHTD Environmental Protection Technology Company of a 34% stake in Baotou Steel Group Energy Conservation and Environmental Protection Technology Industry Co Ltd for a consideration of 468 million yuan (approx $73.6 million).
- 2023: CNNC initiative involved an agreement with China National Nuclear Corporation to develop specialised steel alloys for nuclear power applications.
- 2024: Industry rumours concerning an imminent merger of Baotou Steel with the Baowu Group fuelled by the appointment in April 2023 of Chen Yunpeng [former general manager of Baosteel Zhanjiang] as the general manager of Baotou Steel.
- 2025: Development of these very high speed rails marked a significant breakthrough in Chinese rail technology.
- 2025: Production of the 800 MPa steel plate at Baotou marked another technological innovation for the firm. This is a specialty steel product designed specifically for hydropower projects where the steel must withstand extremely high stress loads.
- 2026: The explosion occurred on January 18, 2026 at the Baogang United Steel plate plant in Baotou. An official investigation found that long-term corrosion and stress had damaged a spherical tank, and that production continued for 1.5 hours after a leak was detected. A total of 62 people were held accountable, with seven employees arrested. Initial estimates suggested 15-20% of Baotou Steel's total capacity was affected.