On October 30, Chongqing-based Chinese steelmaker Chongqing Iron and Steel Co. (CISC) issued its financial results for the third quarter of this year.
In the third quarter, Chongqing Steel achieved an operating revenue of RMB 3.985 billion ($632.5 million), down 37.12 percent year on year, while it recorded a net loss of RMB 522 million ($82.8 million) compared to a net profit of RMB 5.796 million ($920,000) in the third quarter of 2011.
In the first three quarters, Chongqing Steel recorded an operating revenue of RMB 14.267 billion ($2.26 billion), down 27.37 percent on year-on-year basis, while it saw a net loss of RMB 1.17 billion ($185.7 million) compared to a net profit of RMB 19.92 million ($3.16 million) in the same period last year.
Chongqing Steel stated that the sharp decline in steel sales prices impacted negatively on its profits in the first three quarters.