Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Co., Ltd. (Bayi Steel) has stated that it expects a net loss of RMB 1.121 billion ($0.16 billion) for 2023, compared to RMB 1.367 billion recorded in 2022.
In 2023, the steel industry in China showed a situation of sufficient supply and weak demand from downstream users, which resulted in the company’s net loss amid the high levels of raw material prices.