Lingyuan Iron & Steel Co has revealed that it received a government subsidy of RMB 350M ($56.2M) from the local government of Chaoyang city, Liaoning province.

Of that, RMB 150M ($24.1M) is for the steelmaker to make technology innovation and the other RMB 200M ($48.2M) comes as a subsidy on loan interests. The steelmaker, 53.67% owned by the state, lost RMB 335M ($53.8M) in 2012.

Source: China Metals e-mail