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Steelmaker in Inner Mongolia that also controls China's largest rare-earth ore deposit (via affiliate Baotou Steel Rare Earth).
Steelmaker in Inner Mongolia that also controls China's largest rare-earth ore deposit (via affiliate Baotou Steel Rare Earth).
Steel, mainly rails, plate and pipe, carries the revenue; rare earths matter through the separately listed rare-earth affiliate that draws on the same Bayan Obo deposit, so they affect it through related-company dealings rather than a product it sells. Baotou Steel Group, a state-owned parent, controls it.
In one line: A Chinese steelmaker with a captive rare-earth resource, unlike any single US peer.
Moat: narrow (scale, installed base). Control of the giant Bayan Obo deposit gives a captive, low-cost rare-earth resource feeding a separately listed affiliate.
Headquarters: Baotou, China · Founded: 1999 · Employees: 25,284
Size Inner Mongolia Baotou Steel Union (600010.SS) is a China Materials company (Steel) with a market value of $13.5B, the 177th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥1.99 on 6 Nov 2026.
Performance Over six months the shares fell 26.3%, against -2.1% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 6.1% over the last twelve months (peer median +9.8%); the operating margin is 3.5% (peer median 7.7%).
Valuation It trades at 66.3× forward earnings against a peer median of 13.4× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.7 points below its cost of capital (7.4% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥61.3B | CN¥66.2B | CN¥66.6B | CN¥69.1B | CN¥70.8B |
| Revenue growth | — | -1% | -4% | -2% | — |
| Gross profit | CN¥10.9B | CN¥6.10B | CN¥3.71B | CN¥5.19B | CN¥4.05B |
| EBITDA | n/a | CN¥7.15B | CN¥6.63B | CN¥6.90B | CN¥5.15B |
| Net income | CN¥593M | CN¥374M | CN¥265M | CN¥515M | -CN¥726M |
| Free cash flow | CN¥4.64B | CN¥898M | CN¥383M | -CN¥2.89B | CN¥966M |
| Capital expenditure | CN¥1.69B | CN¥1.62B | CN¥1.84B | CN¥1.76B | CN¥977M |
| Total debt | CN¥56.8B | CN¥62.0B | CN¥64.0B | CN¥51.8B | CN¥49.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Inner Mongolia Baotou Steel Union 600010.SS | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% |
| Baoshan Iron & Steel 600019.SS | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% |
| Angang Steel 000898.SZ | $2.50B | -15% | -6% | -7% | n/a | n/a |
| Beijing Shougang 000959.SZ | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% |
| Maanshan Iron & Steel 600808.SS | $2.32B | -41% | -4% | 0% | 38.0× | 0.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600010.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.2% | -1.7% | 7th lowest of 21 |
| 6-month return | -26.3% | -2.1% | 3rd lowest of 21 |
| Distance from 52-week high | -41.6% | -19.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | -6.1% | +9.8% | 2nd lowest of 21 |
| Operating margin | 3.5% | 7.7% | 7th lowest of 21 |
| Forward P/E | 66.3× | 13.4× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 14.7% | 7.5% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +2.5% | +9.1% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +12.2 pp | -3.4 pp | most demanding of 13 |
| ROIC minus cost of capital | -3.7 pp | -1.9 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |