On August 29, Chongqing-based Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel) announced that in the first half of this year, its operating revenue totaled RMB 9.29 billion ($1.52 billion), down 9.6 percent year on year. Meanwhile, the net loss in given period amounted to RMB 1.15 billion ($182.2 million), up 72.21 percent year on year. Accordingly, the significant loss was mainly due to great decline in gross profit of company's core business.
In the first six months of this year, Chongqing Steel produced 2.9 million mt of pig iron, 2.96 million mt of crude steel and 2.68 million mt of finished steel, up 7.52 percent, 5.64 percent and 9.23 percent respectively.
Source:
http://www.steelorbis.com/steel-news/latest-news/chongqing-steel-sees-net-loss-in-h1-despite-higher-production-780030.htm
