Chongqing-based Chinese steelmaker Chongqing Iron & Steel (Group) Co., Ltd has stated that it is targeting sales revenue of RMB 32 billion ($5.07 billion) and a net profit of RMB 160 million ($25.31 million) for the current year.
In 2011, the group's non-steel business recorded a net profit of RMB 490 million, while its core subsidiary Chongqing Iron & Steel Co., Ltd saw a total net loss of RMB 1.471 billion. The group stated that its steel business has incurred losses amid sluggish steel market conditions and low steel sales prices, adding that its non-steel business has assumed significant responsibility for ensuring the overall group achieves a profit.