According to the results for the first half of the current year released on August 25 by Xinjiang Province-based Chinese steelmaker Bayi Steel, the company registered a net loss of RMB 182 million ($27 million) during the period in question under the influence of reduced market demand and decreased sales prices.
During the first six months of 2009, Bayi Steel produced 2.412 million mt of crude steel and 2.2675 million mt of finished steel, up 2.37 percent and 1.17 percent respectively year on year; meanwhile, its sales revenues came to RMB 7.518 billion ($1.1 billion), down 27.82 percent compared with the same period last year.