Chongqing-based Chinese steel producer Chongqing Iron & Steel Co. (Chongqing Steel) has announced in its quarterly report that it has recorded an operating revenue of RMB 1.408 billion ($0.22 billion) for the first quarter of the current year, down 38.06 percent year on year, with a net loss of RMB 992 million ($153.32 million) compared to the net loss of RMB 829 million recorded in the same period of 2015.
Chongqing Steel stated that in the first quarter of the current year its average finished steel product sales price stood at RMB 1,802/mt ($278.52/mt), down 33.58 percent year on year, causing it incur an increased loss in the given period.