Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel), a subsidiary of Chongqing Iron and Steel (Group) Co., has issued its preliminary financial results for 2014, posting an operating profit of RMB 50 million ($8.06 billion), compared to a net loss of RMB 2.5 billion ($0.41 billion) in 2013.
Chongqing Steel stated that, although the steel industry faced an ongoing difficult business situation in 2014, resulting in significant declines in sales prices of finished products. However, the company took measures to lower consumption and costs, to adjust its product structure, and to sell non-core assets, which helped it to achieve a profit in the given year.