Xinjiang Bayi Iron & Steel, a subsidiary of the Baosteel Group, China's largest iron and steel producer, reported a profit decline of more than 50 percent in the first half of the year as a result of falling demand amid the country's slowing economy.

The Shanghai-listed company said its unaudited net profits dropped 51.13 percent year on year to 190.24 million yuan (30.2 million U.S. dollars) in the first six months, according to a financial report posted on the China Securities Regulatory Commission's website on Tuesday.

Earnings per share contracted 51 percent to 0.25 yuan. But sales revenues posted a slight increase of 0.83 percent to 14.14 billion yuan in the first half.

China's iron and steel makers have experienced a prolonged slump over the past year, as the cooling economy has sapped demand for raw materials.

The company's shares opened at 5.75 yuan Wednesday, following a continued decline since Monday.

The audited financial report for the first half will be released on Aug. 25.

The Urumqi-based company is the biggest iron and steel producer in northwest China's Xinjiang Uygur Autonomous Region. It was aquired by Baosteel in 2007.