TacticScaleWhat Inner Mongolia Baotou Steel Union (包钢股份) Does & How It Makes Money (600010.SS)
Updated October 2026 · reflects Inner Mongolia Baotou Steel Union's latest reported financials
Chinese integrated steelmaker also producing rare earth concentrates and coking chemicals. It earns most of its revenue by selling steel products to industrial, construction, energy and rail customers.
How Inner Mongolia Baotou Steel Union makes money
It earns most of its revenue by selling steel products to industrial, construction, energy and rail customers. Additional income comes from selling rare earth and fluorite concentrates and coking by-products such as coke, gas, tar and benzene.
What Inner Mongolia Baotou Steel Union does
Inner Mongolia Baotou Steel Union (Baotou Steel) is a steel producer headquartered in Baotou, China. It was founded in 1999 and is a subsidiary of Baotou Iron and Steel (Group) Co., Ltd. Its product range is broad. It makes hot-rolled, cold-rolled, pickled and galvanized strip, heavy plates and electrical steel for the auto, appliance, shipbuilding, construction and machinery industries. It also makes steel pipes for oil casing, drill pipes, boilers and pipelines, as well as rails, sheet piles, special-shaped profiles, rebar, wire rod and rare earth steel. Beyond steel, the company sells rare earth concentrates and fluorite concentrate, which sets it apart from typical steelmakers. It also sells metallurgical coke and a long list of coking by-products, including coke oven gas, crude benzene, coal tar, modified pitch and ammonium sulfate. Its results depend mainly on demand from Chinese construction, manufacturing, energy and rail customers.
Products & services
- Hot-rolled and cold-rolled steel strip
- Seamless steel pipes and oil casing
- Railway rails
- Heavy plates and electrical steel
- Rare earth concentrate
- Metallurgical coke and coking chemicals
包钢股份是做什么的？
内蒙古包钢钢联股份有限公司（包钢股份）成立于1999年，总部位于内蒙古包头，是包头钢铁（集团）有限责任公司的子公司。公司产品种类丰富，包括热轧、冷轧、酸洗和镀锌钢带，以及中厚板和电工钢，主要用于汽车、家电、造船、建筑和机械等行业。公司还生产油井管、钻杆、锅炉管和管线管等钢管，以及钢轨、钢板桩、异型材、螺纹钢、线材和稀土钢。 除钢铁外，公司还销售稀土精矿和萤石精矿，这是它有别于普通钢企的特点。公司同时销售冶金焦炭及煤气、粗苯、煤焦油、改质沥青、硫酸铵等焦化副产品。公司业绩主要取决于国内建筑、制造、能源和铁路等行业的需求。
What is Inner Mongolia Baotou Steel Union worth?
On an owner-earnings DCF, Inner Mongolia Baotou Steel Union's most-likely value is about ¥1 versus a recent price near ¥2 (102% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥1) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 8.4× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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