China-based steelmaker Baosteel Group Xinjiang Bayi Iron & Steel Co. announced that its net profit for the first half of 2011 reached RMB 389 million ($ 60.97million), increasing by 18.73 percent year on year.

In Jan-June 2011, Bayi Steel's total revenue reached RMB 14.025 billion ($ 2.198 billion), up 23.15 percent year on year. Its crude steel output in the given period was 3.18 million mt, down 2.75 percent year on year.

Bayi Steel also stated that it has decided to construct a 150 mt converter and continuous casting workshop, with a total investment of RMB 1.487 billion ($0.233billion).