Baotou Steel Rare-earth Hi-tech Co. (Baogang Rare-earth), a subsidiary of Inner Mongolia-based Chinese steel producer Baotou Iron and Steel Group (Baogang Group), has announced that it will establish a joint venture named Ningbo Baogang Zhanhao New Material Co. in the city of Ningbo in Zhejiang Province, which will produce neodymium iron boron (NdFeB) with an annual output capacity of 5,000 mt.
The registered capital of the joint venture will total RMB 150 million ($23.78 million), with RMB 76.50 million ($12.13 million) provided by Baotou Steel Rare-earth Hi-tech.
Baotou Steel Rare-earth Hi-tech Co. aims to produce 30,000 mt of magnetic materials during the 2011-2015 period.