On April 21, Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Co. Ltd (WISCO) announced that in 2012 its subsidiary Echeng Iron and Steel Co. received financial subsidies worth RMB 280 million ($45 million) from Ezhou municipal government to support its energy conservation and environmental protection efforts.
Meanwhile, as announced in annual company reports, in 2012 four listed Chinese steelmakers received local government subsidies in excess of RMB 100 million ($16.1 million), with Chongqing Iron and Steel Co. receiving RMB 2.001 billion ($322 million), with Baosteel being granted RMB 698 million ($112.2 million), while Liaoning Province-based Lingyuan Iron and Steel Co. received RMB 508 million ($81.67 million), and Anhui Province-based Magang Group Co. (Masteel) was granted RMB 138 million ($22.19 million) in subsidies.