Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Group (Bayi Steel) has announced that in 2018 it achieved an operating revenue of RMB 20.105 billion ($3.0 billion), up 19.98 percent, and a net profit of RMB 701 million ($104.5 million), down 40.02 percent, both year on year.
In 2018, Bayi Steel produced 5.61 million mt of crude steel, up 8.72 percent year on year, as well as 5.23 million mt of finished steel, rising by 6.09 percent year on year.
The company stated that iron ore and coking coal prices have been at relatively high levels, pushing up costs of steel production, resulting in the decline in its net profit in the given year.