Xinjiang-based Chinese steelmaker Bayi Iron and Steel Co. (Bayi Steel), a subsidiary of Chinese steel giant Baosteel Group, issued its financial results for 2014 on March 30, indicating an operating revenue of RMB 20.636 billion ($3.323 billion), down 11.03 percent year on year. For the given year, the company recorded a net loss of RMB 2.035 billion ($0.33 billion), compared to a net profit of RMB 33.38 million in the previous year.
The company stated that in 2014 fierce market competition exerted strong pressure on steelmakers, while the drop in finished steel sales prices was greater than the decline in costs, resulting in a loss of profitability.
As for 2015, the company stated that it plans to produce 7.7 million mt of crude steel and 7.4 million mt of finished steel, and is targeting an operating revenue of RMB 20.6 billion ($3.3 billion).