Baotou Steel Union

Inner Mongolia Baotou Steel Union Co., Ltd. (内蒙古包钢钢联股份有限公司, SSE 600010) is a Baotou-based steelmaker that also produces rare earth concentrate and fluorite concentrate. Its parent is Baotou Iron and Steel (Group) Co. (Baogang), and Inner Mongolia’s government is ultimate controller. The company’s 2025 annual report says Baogang mines Bayan Obo ore and supplies it exclusively to the company, which owns the Bayan Obo West Mine and the Bayan Obo tailings dam. China Northern Rare Earth says Baotou Steel Union recovers rare earth concentrate from tailings after producing iron concentrate and supplies it to China Northern, which bought RMB 9.42 billion of concentrate from it in 2025, including tax, at an agreed price. It also makes rare earth-alloyed steels.