Chongqing-based Chinese steelmaker Chongqing Iron and Steel Co., Ltd. (Chongqing Steel) has stated that it expects to post a net loss of RMB 1.592 billion ($0.224 billion) for 2023, compared to a net loss of RMB 1.019 billion recorded in 2022.
The company stated that geopolitical conflicts in 2023 further intensified the downward pressure on global economic developments, slackening the demand for finished steel, while raw material prices stood at high levels, negatively affecting the steel market. Against this background, Chongqing Steel’s operational results deteriorated.
$1 = RMB 7.1055