Baowu Group’s Bayi Steel shifts from loss to profit in Q1 amid output rise

Monday, 26 April 2021 12:03:08 (GMT+3)   |   Shanghai
       

For the the January-March period this year, Chinese steel giant Baowu Group’s Xinjiang Bayi Iron and Steel Company (Bayi Steel Company) subsidiary has announced that it registered an operating revenue of RMB 6.226 billion ($0.96 billion), down 96.09 percent year on year, while it posted a net profit attributable to the shareholders of the listed company of RMB 194 million ($29.9 million), shifting from a net loss of RMB 191 million in the same quarter of last year.

In the first quarter this year, the company produced 1.4119 million mt of finished steel, up 27.91 percent year on year, while it sold 1.5017 million mt of finished steel, up 68.57 percent year on year.

The company said the quick resumption of production following the Chinese New Year this year contributed to better demand, exerting a positive impact on the company’s profit in the given period. 


Most Recent Related Articles

CISA mills’ daily steel output up further in early May, stocks increase by 9.47 percent

Iron ore inventory at Chinese ports down 3.5 percent

CISA mills’ daily steel output up 3.25% in late April amid strong demand

CISA urges government to play key role to curb rapid rise of iron ore prices

CISA mills’ daily steel output keep going up in mid-April