Bayi Steel’s net profit plummets in Q1

On April 20, Xinjiang Uyghur Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Co. (Bayi Steel), a subsidiary of major Chinese steel group Baosteel, has announced a net profit of RMB 16.8791 million ($2.68 million) for the first quarter of this current year, down 90.02 percent year on year. Meanwhile, its average earnings per share (EPS) in the period came to RMB 0.02 ($0.003).