Zhejiang Yuanli Group was founded in 1991 under the name of Suichang Steel Mill. It was upgraded to a group corporation in 2001. After moving to Quzhou for technical innovation in 2003, Quzhou Yuanli Metal Product Co was set up, aiming to grow into a processing base for base metal products.

At present, the Group has become a modern large-size enterprise combining mine, coking, iron-smelting, steel-smelting, steel rolling and metal product and circulatory power generation. With more than 14,000 employees in Suichang and Quzhou and a total asset of 10 billion yuan ($1.44 billion), it can produce 1.3 million tons of coke, 4.5 million tons of hot metal, five million tons of steel, five million tons of base metals and three million tons of metal products every year.

It was included in the first batch of 45 steel companies that met the industry specification by the Ministry of Industry and Information Technology in 2013 and approved to register for steel projects with annual output of five million tons by the national and provincial development and reform commissions in 2015.