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Chongqing Iron & Steel' steel output down 9.92% in Apr

May. 7, 2012 (China Knowledge) - Chongqing Iron & Steel Co Ltd<601005><1053>, a manufacturer and distributor of iron and steel products, announced yesterday that its output of steel products fell 9.92% year on year to 385,900 metric tons in April this year.

The company said in a statement that its output of steel products totaled 1.63 million metric tons in the first four months, down 13.51% year on year.

The steel producer also said that its board of directors had approved its restructural plan, in which its largest shareholder Chongqing Iron and Steel (Group) will inject the assets of the iron and steel base in Changshou District into the company.

Shares of Chongqing Iron & Steel have been suspended from trading since Feb. 24.

In 2011, the company suffered a loss of RMB 1.47 billion, becoming the second-largest loser in the steel industry after Angang Steel Co Ltd<000898><0347> recording a loss of RMB 2.15 billion last year.

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