Xinjiang Ba Yi Iron and Steel Co., Ltd. known as Ba Yi Iron & Steel or 8 1 Iron & Steel or August 1 Iron & Steel or BYIS or Bagang or Basteel, is a Chinese steel maker based in Ürümqi, Xinjiang. The company was a second-tier subsidiary of China Baowu Steel Group, via Ba Yi Iron and Steel Group (now known as "Baosteel Steel Group Xinjiang Ba Yi Iron and Steel Co., Ltd."). The rest of the shares of the company float in Shanghai Stock Exchange. Xinjiang government is the minority shareholder of the holding company: Ba Yi Iron and Steel Group.
History
Ba Yi Iron and Steel Group
The steel plant in Ürümqi was founded in 1951[4] by the People's Liberation Army (PLA). It was named "8 1" based on the date of the establishment of PLA on 1 August 1927. It was one of the 18 small-sized steel plants established in 18 provinces of China.[5] Ba Yi Iron and Steel was one of the 512 important state-owned enterprises in 1997. (1 of 47 iron and steel industry)[6]