Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Group (Bayi Steel) has announced that in 2015 it achieved an estimated net loss of RMB 2.5 billion ($0.15 billion) compared to a net loss of RMB 2.035 billion in 2014.
Bayi Steel stated that slowing economic growth in China and overcapacity in the domestic steel industry were the main factors which contributed to the loss which it incurred in 2015.