Chongqing Iron & Steel Co., Ltd. Class H (HK:1053) has released an update.
Chongqing Iron & Steel Co., Ltd. anticipates a significant net loss for the first half of 2024, with an expected RMB690 million loss, marking an increase from the previous year’s figures. The loss is attributed to the iron and steel industry’s challenges, such as high production costs, inventory levels, and low demand, leading to decreased market prices and operational efficiency. Despite these losses, the company has maintained a positive cash flow, focusing on cost reductions and resource allocation to more profitable areas.
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