On this day, 33 years ago, on April 17, 1992 (March 15, 1992, the second phase of Baosteel's project was fully completed and put into operation. The first phase of Baosteel's steel-making workshop started on December 23, 1978 and was fully completed and put into operation in September 1985. The overall technical equipment is at the international advanced level in the late 1970s and early 1980s. Imported equipment for blast furnace, sintering, and coking systems accounted for 88%, and domestic equipment accounted for 12%. The second phase of Baosteel's project has been completed and put into operation one after another since 1989. Imported equipment accounts for 40%, and 60% is domestically manufactured or co-manufactured equipment. The technical equipment level of the second phase of the project is at the world's advanced level in the middle and late 1980s. In 1993, Baosteel raised funds to carry out the third phase of the expansion project. The third phase of the project includes a technologically advanced 250-ton combined blown converter, a 1450mm continuous casting machine, a 1580mm hot rolling mill, two sets of 1420mm and 1550mm cold rolling mills, a 150-ton ultra-high power dual-furnace DC arc furnace, and round billet continuous casting machines, gas turbine units fueled by low-calorific blast furnace gas have adopted a "la carte" approach to introduce key technologies, with a localization rate of 80%. The third phase of the project will be fully completed and put into operation in 2000. The state has invested 20.5 billion yuan in capital for Baosteel's construction. Currently, Baosteel's total assets exceed 100 billion yuan, and its contribution to the country has also exceeded 100 billion yuan.