29
Mar
08:24
Bayi Steel losses hint at Baosteel restructuring
Xinjiang Bayi Iron and Steel‘s (Bayi Steel) annual report shows its revenues fell -48.85% year-on-year to CNY 10.56 billion ($1.62 billion) in 2015, while net losses deepened -23.29% y-o-y to CNY 2.59 billion. The company's poor performance makes a wider asset restructuring at parent company Baosteel all the more urgent, Kallanish notes.
Because it has suffered two consecutive annual losses, Bayi Steel shares were suspended on 29 March 2016, and the co…
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