The company's predecessor, Xinjiang Bayi Iron and Steel General Factory, was founded on 195 1 September 16, 2008, which was jointly founded by the troops of China People's Liberation Army stationed in Xinjiang and the people of all ethnic groups in Xinjiang. It is the only large-scale modern iron and steel complex in Xinjiang. 1994 was identified by the State Council as one of the national 100 modern enterprise system pilot units, one of the 300 key enterprises supported by the state and one of the 5 12 key enterprises identified by the State Council. Xinjiang Iron and Steel Group Co., Ltd. was established with the state-owned assets of Bayi Iron and Steel General Factory as the main body in June 5438+0995, and changed its name to Xinjiang Bayi Iron and Steel (Group) Co., Ltd. in June 1999. During the period of 1996, Bagang Group was established as a typical enterprise by Xinjiang People's Government, and made the decision of "learning from Hangang, learning from Xingang and learning from petrochemical industry in recent years". Taking the reform of property right system as a breakthrough, Bayi Steel Group pays attention to system innovation, constantly increases capital operation, and promotes the transformation of enterprises from production operation to capital operation. Bayi Iron & Steel Group also took advantage of the big group to expand Zhang Zhilu by cost, and set up a number of enterprises such as covered electrode, carbon products, auto parts, cement and knitting. Through acquisition, merger, combination and reorganization, the scale and strength of the Group will be further expanded. Bagang Group has developed from a simple iron and steel production enterprise into a large-scale enterprise group that integrates iron and steel, mining, construction and installation, real estate, road and railway transportation, engineering design, metallurgical research, information network, textile, chemical industry, machinery, cement and other industries and operates across regions, industries, departments and ownership.
After more than half a century's efforts, Bayi Iron and Steel has now developed into a steel industry with total assets of 1 076,5438+0.2 billion yuan and more than 700 kinds of steel products, enjoying a good reputation in the market. Since entering the Tenth Five-Year Plan, Bayi Steel has seized the opportunity, deepened reform, accelerated development, and reached a new level in production and operation every year. After the output of 1 10,000 tons reached110,000 tons in 1998, in 2003, the steel output and steel sales of Bayi Steel both exceeded 2 million tons, achieving sales income of 5.5 billion yuan and paying profits and taxes of 685 million yuan. As the vanguard of state-owned enterprises in Xinjiang, Bagang has become a big profit and tax earner in the autonomous region, and has made important contributions to the economic and social development of the autonomous region. With the concern and support of the Party Committee and government of the autonomous region, Baosteel Group and the People's Government of Xinjiang Uygur Autonomous Region signed the Capital Increase and Restructuring Agreement of Bayi Steel on June 65438+1October 6, 2007. Baosteel Group increased its capital by 3 billion yuan to reorganize Bayi Iron and Steel. On April 28th, Baosteel Group Xinjiang Bayi Iron and Steel Company was officially unveiled, and Bayi Iron and Steel became the holding company of Baosteel Group.