On December 27, Chongqing-based Chinese steelmaker Chongqing Iron and Steel Co. announced it received financial subsidies worth RMB 1.5 billion ($238 million) from the Bureau of Finance of Chongqing City on December 24.
Chongqing Steel stated that the financial subsidies in question are for the purpose of compensation for its increased operating costs, including financial costs, due to the company’s relocation for environment protection purposes.