Magang Group is a subsidiary of China Baowu Steel Group Corporation Limited (China Baowu) with yearly steel production capacity of 20 million tons. In 2019, it realized steel productivity of 19.84 million tons, gross revenue of 98.6 billion yuan and total profit of 3.65 billion yuan.
Magang has a glorious history. It was founded in 1953 as Maanshan Steel Factory. In the past 60 odd years, it has made great breakthroughs in the development of China’s steel industry. The first wheel hub factory in China was constructed under Magang in 1960s, which produced the country’s first monobloc train wheel with diameter 840mm. The first high-speed wire rod mill of China went into production in 1987 in Magang. It was the first steel company of China listed both on Hongkong and Shanghai stock exchange markets. China’s first H-beam line with annual output of 0.6 million was established in Magang in 1998.
In September 2019, Magang was restructured and become a subsidiary of China Baowu. Basing on steel manufacturing, it now focuses on the coordinated development of eight industries including rail transportation materials and equipment, metal recovery, processing and integrated utilization, metallurgical equipment manufacturing, remote operation and maintenance of equipment, special metallurgical materials, prefabricated building, mining resources and data center of the Yangtze River Delta.