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Baogang Group targets RMB 60-bln sales for 2012

Jan. 3, 2012 (China Knowledge) - Baotou Iron & Steel (Group) Co Ltd or Baogang Group aims to achieve approximately RMB 60 billion in sales revenue and RMB 1.7 billion in profit for 2012, said General Manager Li Chunlong.

Li added that the group also expects to produce 10.45 million tons of iron, 10.9 million tons of steel and 10.34 million tons of rolled steel, as well as 59,000 tons of oxide extracted from rare earth in 2012.

The Chinese steel giant has allocated RMB 23 billion for fixed-asset investment for 2012, said a person familiar with the matter.

In the first 11 months of last year, Baogang Group's sales revenue totaled RMB 54.21 billion. As of Dec. 27, the group had met its steel output target of 10.1 million tons.

According to the state-owned group's website, the company is the parent of Inner Mongolia Baotou Steel Union Co Ltd<600010> and Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co Ltd<600111>, the biggest rare earth producer in China.

By the end of 2015, Baogang Group expects to become the world's largest rare earth supplier with annual sales exceeding RMB 100 billion.

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