Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Group (Bayi Steel) has announced in its preliminary annual report that it expects to record a net profit of RMB 20 million ($2.92 million) for 2016, compared to the net loss of RMB 2.508625 billion recorded in 2015.
Bayi Steel stated that the rising trend of finished steel prices in 2016, its improved product variety, strengthened budget controls and the reduction of its overall management costs contributed to its net profit in the given year.