On January 13, Xinjiang Province-based Chinese steelmaker Bayi Iron and Steel, in which Chinese steel giant Baosteel Group holds a 75.55 percent stake, announced a net profit of RMB 535 million ($80.7 million) for 2010, registering a massive 385.28 percent increase year on year.
In 2010, Bayi Steel's operating revenue totaled RMB 23.666 billion ($3.6 billion), up 43.84 percent year on year.
In the fourth quarter of 2010, Bayi Steel realized a 29.89 percent year-on-year increase in its operating revenue to RMB 5.592 billion ($843 million), down 16.36 percent quarter on quarter, but up 29.89 percent year on year compared to a 44.44 percent year-on-year increase in the third quarter.