Xinjiang-based Chinese steelmaker Bayi Iron and Steel Co. (Bayi Steel), a subsidiary of Chinese steel giant Baosteel Group, has issued its final financial results for 2012, indicating a net profit of RMB 154 million ($25 million), down 67.96 percent compared to 2011.
In 2012, Bayi Steel achieved an operating revenue of RMB 26.586 billion ($4.2 billion), down 4.88 percent year on year.
In 2012, Bayi Steel produced 7.55 million mt of crude steel and 7.2 million mt of finished steel, both up 12 percent year on year.
Bayi Steel stated that in 2012 its profits were impacted negatively by increasingly higher costs and declines in steel sales prices amid the sluggishness of the steel market. For 2013, the steel producer is targeting outputs of 8.9 million mt of crude steel and 8.5 million mt of finished steel, while it expects to achieve an operating revenue of RMB 28.6 million ($4.6 billion) in the current year.
