Chongqing-based Chinese steelmaker Chongqing Iron & Steel Company Ltd. (Chongqing Iron & Steel Co.) has announced that its net loss in the first three months this year is likely to amount to RMB 117 million ($16.25 million), compared to the net loss of RMB 334 million recorded in the same period last year, reflecting an improved performance in the January-March period this year.
The company stated that the improved performance in the given period was mainly due to the continuous improvement in production efficiency, effective implementation of cost-cutting measures, and adjustments in purchasing and sales strategies to cope with the downward pressure in the steel market.
$1 = RMB 7.2038