Xinjiang Autonomous Region-based Chinese steelmaker Bayi Iron and Steel Group (Bayi Steel) has announced in a preliminary report regarding its reorganization project that it would sell its assets and issue shares for fundraising to buy Baosteel’s target assets which have high rate of profitability and could help Bayi Steel to improve its declining tendency.
On January 15, Bayi Steel announced in a preliminary report that for the whole of 2015 it expected to register a net loss of RMB 2.5 billion ($0.38 billion) compared to the net loss of RMB 2.035 billion ($0.31 billon) recorded in 2014.