Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Group (Bayi Steel) has announced that China’s Ministry of Finance has granted it awards and subsidies of RMB 133 million ($19.16 million) for the 2016 industrial restructuring in the company.
In particular, RMB 95.36 million ($13.74 million) of the subsidy in question will be recorded to the company’s profits and losses.