Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel), a subsidiary of Chongqing Iron and Steel (Group) Co., has announced that in the January-September period this year its operating revenue amounted to RMB 14.011 billion ($2.29 billion), down 1.79 percent year on year. Meanwhile, the steel producer recorded a net loss of RMB 1.699 billion ($277.6 million) in the given period, compared to a net loss of RMB 1.17 billion ($191 million) in the same period last year.
Chongqing Steel stated the increase in its net loss was mainly due to stagnant situation in the steel market and the sharp drop in sales prices.