Xinjiang Uyghur autonomous region-based Chinese steelmaker Bayi Iron and Steel Co. (Bayi Steel), a subsidiary of major Chinese steel group Baosteel, has revised its financial figures for 2011. Accordingly, its net profit for 2011 has been revised to RMB 482 million ($76.27million), down 3.63 percent as compared to 2010. The initial net profit figure of Bayi Steel for 2011 was RMB 424 million ($67.3 million).
Bayi Steel stated that the revision of the net profit figure was due to the reduction in the corporate tax rate from 25 percent to 15 percent.