Baosteel subsidiary Bayi Steel to post much lower profit for 2019

Monday, 20 January 2020 12:02:36 (GMT+3)   |   Shanghai
       

Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Group (Bayi Steel) has announced that it expects to register a net profit of RMB 100-150 million ($14.6-21.8 million) for 2019, decreasing by RMB 550.52-600.52 million ($80.2-87.5 million) compared to the net profit of RMB 700.52 million in 2018, or down 78.59-85.72 percent year on year.

Bayi Steel said the year-on-year decrease in sales prices of finished steel and the year-on-year rises in iron ore prices exerted a negative impact on its profitability in the given year.

Bayi Iron & Steel’s capacity is 8 million mt of steel annually, focused on long steel products, plates and pipes. The company sells its products mostly locally in Xinjiang and also to other provinces in western China.

 


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