On October 15, Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel), a subsidiary of Chongqing Iron and Steel (Group) Co., announced its earnings forecast for 2013 and 2014.
According to Chongqing Steel, its operating revenue in 2013 will total an estimated RMB 18.866 billion ($3.09 billion), while it will see a net loss of RMB 2.553 billion ($0.42 billion) for the year. Meanwhile, its operating revenue for 2014 is forecast to reach RMB 22.732 billion ($3.73 billion), while its net loss for the same year is predicted to fall to RMB 546.6 million ($89.6 million), down RMB 2 billion ($0.33 billion) year on year.