|According to the report released by Chongqing Iron and Steel Group, the company released a profit of 617 million yuan, down 19.09% year on year. The main reason are as follows.
First, the comprehensive sales price of steel products was 3,512 yuan/t in H1 2019, down 1.76% on a yearly basis, reducing profits by 198 million yuan. The price of raw materials such as iron ore, coal, ferroalloy and scrap continued to rise, cutting profits by 367 million yuan. The amount of steel sales was 3.1322 million tons, up 6.41%, raising profits by 82 million yuan. The company continues to promote cost reduction, reducing the process cost by 337 million yuan year on year.
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