According to the Zhitong Finance App, Bayi Steel (600581.SH) announced an advance loss announcement for the 2023 semi-annual results. It is estimated that net profit attributable to owners of the parent company will be around 771 million yuan in the 2023 half year. Net profit attributable to owners of the parent company after deducting non-recurring profit and loss is expected to be around 737 million yuan in the half year of 2023.

In the first quarter of 2023, the domestic steel market was traditionally in a low season. Downstream demand started slowly, and crude fuel market prices were high. The company followed the principle of intensive production, operated at low load, and could not effectively release economies of scale, making business performance unideal. Entering the second quarter, the regional steel market picked up, but since steel prices continued to fall sharply, the decline was greater than the decline in raw fuel prices, the company's purchase and sale price gap narrowed further, and profit margins were compressed, and operating profit for the first half of the year fell short of expectations.