Xinjiang Province-based Chinese steelmaker Bayi Iron and Steel Co., Ltd (Bayi Steel) has issued its financial report for the first half this year, announcing that it registered an operating revenue of RMB 13.0696 billion ($1.9 billion) in the given period, down 11.52 percent year on year, while posting a net loss of RMB 144 million ($21 million), shifting from a net profit of RMB 136 million recorded in the same period of last year.
In the first six months, the company’s outputs of pig iron, crude steel and finished steel amounted to 2.64 million mt, 2.89 million mt and 2.74 million mt, down 17.5 percent, 16.47 percent and 17.22 percent, year on year, respectively.
The company stated that the Covid-19 pandemic and the Ukraine-Russia crisis exerted a negative impact on the steel market, contributing to the company’s net loss in the given period.