Liaoning Province-based Chinese steelmaker Lingyuan Iron and Steel Group Co. (Lingyuan Steel) has announced that its wholly-owned subsidiary Beipiao Steel Pipe Co. has received RMB 31.8 million ($5.19 million) in local government subsidies, aimed at improving its supply of capital.
As previously announced by Lingyuan Steel, in the first quarter of the current year Beipiao Steel Pipe recorded a net loss of RMB 35.037 million ($5.72 million).