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 half of the current year, posting an operating revenue of RMB 6.025 billion ($0.98 billion), down 35.18 percent year on year, while it registered a net loss of RMB 945 million ($153.41 million), compared to a net loss of RMB 1.116 billion ($0.18 billion) in the first half last year.
Commenting on its results, Chongqing Steel stated that the ongoing sluggishness in the finished steel market caused a significant drop in its sales volumes during the given period.