On January 23, Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel), a subsidiary of Chongqing Iron and Steel (Group) Co., announced that it recorded a net loss of RMB 2.5 billion ($0.41 billion) in 2013, compared to a net profit of RMB 98.813 million in 2012.
According to Chongqing Steel, the significant loss it recorded in 2013 was due to the ongoing soft demand in the finished steel market, the sharply decreased prices of steel products, higher costs of production, and due to financial difficulties in the company resulting from its relocation for environmental reasons within Chongqing city from Dadukou to Changshou.