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 nine months of the current year, posting an operating revenue of RMB 9.356 billion ($1.524 billion), down 33.22 percent year on year, while it registered a net loss of RMB 1.582 billion ($0.258 billion), 6.87 percent lower compared to the net loss recorded in the same period last year.
Commenting on its results, Chongqing Steel stated that in the first nine months its sales volumes and sales prices of finished steel indicated respective decreases of 31 percent and RMB 180/mt ($29/mt) compared to the same period last year, resulting in reduced operating revenues.