Baosteel Special Metals Co., Ltd., formerly known as Shanghai No. 5 Steel Plant, was founded in September 1958 and was awarded the honorary title of State-level Enterprise and National Quality Management Award. It is known as the leader of China's special steel industry. In November 1998, Shanggang No. 5 Plant was integrated into Baosteel Group and changed its name to Baosteel Group Shanghai Wugang Co., Ltd. In May 2005, the company's core assets were acquired by Baoshan Iron & Steel Co., Ltd., and the group was established as a special steel branch of Baosteel Co., Ltd.