Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Group (Bayi Steel) has announced an operating revenue of RMB 16.757 billion ($2.65 billion) for 2017, up 69.44 percent year on year, and a net profit of RMB 1.168 billion ($0.185 billion) for the given year, indicating a strong increase compared to a net profit of RMB 37.1032 million in the previous year.
In 2017, Bayi Steel produced 5.16 million mt of crude steel, up 24.34 percent, and 4.93 million mt of finished steel, up 24.18 percent, both year on year.
As for 2018, the company plans to produce 6.30 million mt of crude steel and 6.10 million mt of finished steel.