Baogang Group, founded in 1954, is a major steel producer in China and the largest rare earth industrial base in the world. It has two listed companies, Inner Mongolia Baotou Steel Union Co., Ltd and Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., Ltd, with total assets of more than 150 billion yuan ($24.17 billion) in 2014.

Baogang Group is located in Bayan Obo mining district, where 175 kinds of minerals and 71 kinds of elements have been found. The district has the largest rare earth reserve and the second largest niobium reserve in the world.

Baogang Group is engaged in steel, rare earth metals, minerals, and some non-steel industries, such as equipment manufacturing, engineering construction and organic foods processing. It has branches in 13 provinces and offices in the United States and Mongolia.

The Inner Mongolian Autonomous Region connects with the Northern part and the Northwestern part of China, adjacent to Mongolia and Russia. It has advantages in earth, coal, iron, water and electricity resources.