Chongqing Steel sees reduced net loss in first quarter

Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel), a subsidiary of Chongqing Iron and Steel (Group) Co., has issued its financial results for the first quarter of the current year, posting an operating revenue of RMB 2.926 billion ($477 million), down 41.39 percent year on year, and a net loss of RMB 397 million ($64.76 million), with the loss down 13.54 percent compared to the same period last year. The company stated that the decline in its net loss for the first quarter was mainly due to a government subsidy of RMB 355 million ($57.9 million) received in the given period.