Taiyuan Iron and Steel (Group) Co (TISCO) made it onto a 2017 list of the 500 most valuable brands in China, with its brand valued at 15.57 billion yuan ($2.29 billion), up 20 percent compared to last year.

The improved brand represents TISCO's commitment to innovative development.

The company allocates 3.5 percent of its annual sales to R&D and innovation. Its high-end products are supplying China's big-ticket projects, including bullet trains, nuclear power plants and aerospace programs.

More than 20 stainless steel categories rank among the top in domestic market share, while over 30 products have broken monopolies held by overseas companies.

The report was produced by World Brand Lab on the basis of financial status, consumer behavior and brand strength.

World Brand Lab, established in New York City in 2003, is an international and professional brand research institution headed by Robert Mundell, the recipient of the 1999 Nobel Prize in Economic Sciences, and also a professor at Columbia University. It is comprised of experts and consultants from Harvard, Yale, MIT, Stanford, Oxford and Cambridge. Their research findings have been used by many enterprises as important references of intangible asset evaluation.