On March 29, Xinjiang-based Chinese steel producer Bayi Steel issued its annual financial report for 2009. According to the report, Bayi Steel registered an operating revenue of RMB 16.453 billion ($2.4 billion) for the year in question, down 17.88 percent compared with RMB 20.036 billion in 2008. Meanwhile, the company posted a net profit of RMB 110 million ($16.1 million), 6.05 percent higher than RMB 104 million in 2008.
In 2009, Bayi Steel produced 5.4 million mt of crude steel, up 11.65 percent year on year and 5.08 million mt of finished steel, increasing by 11.51 percent year on year.
Bayi Steel stated in its report that in spite of the year-on-year increases both in sales volume and profit, the operating revenue registered a year-on-year drop due to the decline in sale prices.
Meanwhile, in 2010 Bayi Steel plans to produce 6.2 million mt of crude steel and 5.78 million mt of finished steel, while the targeted operating revenue has been set at RMB 19.4 billion, which would represent an 18 percent increase over the 2009 figure.