Xinjiang-based Chinese steelmaker Bayi Iron and Steel Co. (Bayi Steel), a subsidiary of Chinese steel giant Baosteel Group, has issued its financial results for the first three quarters of 2013, indicating a operating revenue of RMB 18.395 billion ($3.02 billion), down 14.52 percent year on year.
Meanwhile, in the given period Bayi Steel recorded a net profit of RMB 109 million ($17.9 million), compared to a net loss of RMB 23 million ($3.78 million) in the same period last year.