According to its preliminary results for the third quarter of the current year issued on October 19, Xinjiang Uyghur Autonomous Region-based Chinese steelmaker Xinjiang Bayi Iron and Steel Corporation Ltd (Bayi Steel) recorded a net profit of RMB 480 million ($72.2 million) for the quarter in question, compared to a net loss of RMB 51.83 million ($7.8 million) in the corresponding quarter of 2009.
The steelmaker had registered a net profit of RMB 327 million ($49.2 million) in the first half of this year, with a net profit of RMB 150 million ($22.6 million) in the first quarter. In comparison, Bayi Steel's net profit for the third quarter indicates a strong surge.
The good performance of Bayi Steel has been helped by the policy of China's central government to support development in the Xinjiang region. Bayi Steel is controlled by Chinese steel giant Baosteel, which increased its stake in the steelmaker from 69.56 percent to 75.55 percent on September 13 this year.