August 30, 2008

Xinjiang Bayi Steel Q1 net profit up over 150%YoY

XFN Asia reported that Xinjiang Bayi Iron & Steel Company Limited first quarter net profit is expected to have risen by over 150% YoY on surging steel product prices and higher output.

Xinjiang Bayi Iron & Steel Company Limited in a statement said that it had a net profit of CNY 39.61 million in the first quarter of 2007 with earnings per share of CNY 0.07.

Xinjiang Bayi Iron & Steel is indirectly controlled by Baosteel Group, China's largest steel producer.