Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co. (Baogang) has announced on July 2 that it received a subsidy of RMB 221 million ($35.6 million) for environmental protection from Baotou municipal government on June 30. Baogang said the subsidy in question will exert some influence on its profits in 2015.
As reported previously, in the first quarter of the current year Baogang registered an operating revenue of RMB 6.569 billion ($1.06 billion), up 5.55 percent, and a net profit of RMB 9.8928 million ($1.6 million), increasing by 194.87 percent, both year on year.