On September 2, Chongqing based Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel) stated that it expects to record a net loss estimated at RMB 2.492 billion (USD 407.2 million) in the current year, while it has predicted an operating revenue of RMB 19.625898 billion (USD 3.21 billion) for the year.

In the first half of this year, Chongqing Steel saw a net loss of RMB 1.116 billion (USD 182 million) and sales revenues of RMB 9.295 billion (USD 1.52 billion), down 9.60% year on year.

Chongqing Steel stated that in the second half of the current year increases may be seen in prices of iron ore, coal and steel products. It added that it expects its gross profit margin to remain stable in 2013 as compared to 2012.