Chongqing Iron and Steel Group Co. has reduced shares it held in its Shanghai-listed Chongqing Steel (601005.SH). The listed arm announced on late Tuesday that its controlling shareholder reduced 222 million shares of the company during April 1-May 12 this year, which accounts for 5 percent of the company's total equities.
After that, Chongqing Iron and Steel Group Co. remains the controlling shareholder of the listed arm, holding a stake of 58.05 percent. The listed firm earlier reported a net loss of 829 million yuan for the first quarter of 2015, after it reversed losses to profits in 2014. In 2013, Chongqing Steel incurred a mass loss of 2.5 billion yuan, the largest among all Chinese listed steelmakers.
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