On March 31, Beijing Lier announced that it will use super-raised funds to establish a joint venture with Baotou Iron and Steel Co., Ltd. to produce refractory materials for steel. The joint venture company is tentatively named "Inner Mongolia Baotou Steel Lier High Temperature Material Co., Ltd.", and the two parties will each contribute 75 million yuan, each accounting for 50% of the registered capital. The announcement stated that the main business of the joint venture is mainly refractory materials for the iron and steel industry, including the research and development, production and sales, and engineering contracting of refractory materials for high-temperature industries such as chemicals, non-ferrous metals, petrochemicals, building materials, cement, ceramics, etc. The company will " Based on the premise of providing high-quality refractory products and services for Baotou Iron and Steel, we will become a first-class refractory manufacturer with the most complete range of refractory products, the largest scale and the highest product grade in Northwest China."

According to industry analysts, after the implementation of the project, Baotou Steel’s refractory materials worth more than 500 million yuan will be provided by the joint venture. This will benefit Beijing Lier’s expansion of the steel, non-ferrous and other user markets in the Northwest market, and will greatly enhance the company’s The market share in the northwest region has become a new growth point for the company's performance. The Beijing Lier Announcement also stated that the joint venture company can take advantage of Beijing Lier’s technical management advantages and Baotou Steel’s market resource advantages to achieve complementary advantages, expand the company’s market share and business model, and enhance the company’s profitability.