Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Group (Bayi Steel) has announced an operating revenue of RMB 12.571 billion ($1.9 billion) for the first three quarters of the current year, up 82.47 percent year on year, with a net profit of RMB 865 million ($130.5 million), compared to a net loss of RMB 552 million in the same period of 2016.
The company stated that its sales prices and sales volumes indicated significant rises in the first nine months of the year, contributing to the improvement in the company’s profitability.