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Chongqing Iron & Steel granted exemption from 450M yuan debt

Chongqing Iron & Steel Co. Ltd. said Dec. 30 that it has been exempted from a debt of 450 million Chinese yuan by Chongqing Changshou Urban and Rural Overall Development (Group) Co. Ltd.

In addition to decreasing the company's liabilities and optimizing the financial structure, the exemption will also help Chongqing Iron & Steel decrease gearing ratio, improve risk resistance capability and exert positive effects on its subsequent development.

As of Dec. 29, US$1 was equivalent to 6.95 Chinese yuan.