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Chongqing Iron and Steel in the first half loss of 1.79 billion yuan

Chongqing Iron & Steel August 30 release reported the company in 2016 January-June operating income of 2.789 billion yuan, a year earlier to 4.506 billion yuan, down 38.09 percent; 1-- attributable to shareholders of listed companies net June loss of 1.79 billion yuan profit, compared to a loss of 2.228 billion yuan last year, up reduced losses.
During the reporting period, the company produced 610,000 tons of coke, pig iron, 1.25 million tons, 1.27 million tons of steel, 1.24 million tons of steel, iron, steel, China Stainless Steel Coil production decreased by 30% over last year, 29%, 24%. The average price of steel billet 2,200 yuan / ton (excluding tax), a decrease of 9.76% over last year.
Chongqing Iron & Steel, said the first half of 2016, the domestic steel market, despite the rebound, but overall still in the doldrums, the company in the loss from continuing operations, funds extremely nervous, raw material security for a very difficult situation, through the joint efforts of all staff, compared good to ensure production continuity, stability, various risks contradictions effectively controlled, and laid a solid foundation for deepening reform, achieve restructuring and development.
Chongqing Iron and Steel said the company is currently facing major difficulties is: 1. control reduced losses deficit gap, turn around and arduous tasks; 2 problem of the shortage of funds become more prominent, a huge debt pressure, increased litigation risk; 3 attrition split time. tight and heavy task, difficult; 4. promote the reform, strengthen the awareness of the urgent need to strengthen the management, execution should be improved.
To solve the above difficulties, Chongqing Iron and Steel said the second half, the company will mobilize all positive factors, and comprehensively promote the work of making a turnaround: 1 to well PanVenture processing in cooperation with the Group to strengthen the organization of production process optimization and control, improve product quality, reduce process costs, ensure the realization of the desired objectives; 2. actively promote institutional reform, reform of the three systems, optimizing management processes, improve management efficiency and establish a market economy to adapt to the modern enterprise management system and mechanism and business model; 3 binding eliminated excess capacity requirements and actively seek policy support, the implementation of attrition diversion, diversion downsizing efforts to achieve this year's goal 2500; 4. implementation of assets, capital and debt restructuring. Active participation of major asset restructuring and reorganization of assets to achieve the company's assets, capital, adjust and optimize debt structure; 5. Lowering the consolidation in the first half of this achievement, identify cost reduction and focus to ensure that the annual drop this task; 6. good cooperation with South Korea's POSCO, promote the building of cold-rolled, galvanized items, use Pohang technology, management, strict project quality and progress control for the company "thirteen five" upgrading of product structure shift Create conditions.
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