Xinjiang Uyghur Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Co. (Bayi Steel), a subsidiary of major Chinese steel group Baosteel, has announced that in 2011 it sold 6.4930 million mt of finished steel, with 5.173 million mt of this volume sold locally in Xinjiang, accounting for about 80 percent of total finished steel sales. In 2010, Bayi Steel's annual crude steel output capacity reached 7 million mt.
In the 2011-2015 period, investment from Baosteel in Bayi Steel will reach RMB 30 billion ($4.8 billion), while by 2015 Bayi Steel's overall annual finished steel output capacity is expected to approach 15 million mt. Accordingly, by 2015 Bayi Steel will have an annual finished steel output capacity of 10 million mt at its main facilities, with an additional 3 million mt finished steel production capacity at its Baicheng facilities and a further 2 million mt at the joint venture to be established with Shougang Group's subsidiary Yili Iron and Steel Co.