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Baosteel said its gross profit margin for the main business of steel-making fell by 8 percentage points from a year earlier to 9 percent last quarter.

BYD opened the Lancaster plant in 2013. The plant's last expansion, which was completed in 2017, increased its diverse workforce from 500 to more than 800 and 25 percent in annual revenue for Lancaster.

Based on this, the company needs to return at least 1.3 billion yuan to its customers.

BYD early this month reported a 42 percent drop to 1.61 billion yuan (7 million) in net profit for 2019, down from 2.78 billion yuan in 2018. Its revenue dropped 1.8 percent to 127.74 billion yuan last year, from 130.05 billion yuan a year earlier.

Basu proposed that a multilateral organization such as the World Bank or the IMF should urgently establish a task force comprising 20 economists with diverse specialties, as well as experts in health and geopolitics, to analyze and coordinate actions against the crisis.