Chongqing Iron & Steel Receives Fiscal Subsidies
OREANDA-NEWS. April 03, 2014. This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
Chongqing Iron & Steel Company Limited (the “Company”) received the Notice of the Finance Bureau of Changshou District of Chongqing City on Granting Fiscal Subsidies to Chongqing Iron & Steel Company Limited (Chang Cai Jing Fa  No. 45)) which reads as follows:
“We have received your Request on Application for Fiscal Subsidies (Chong Gang Gu Fen Wen  No. 84). It is to hereby grant the fiscal subsidies amounting to RMB354,604,700 to your company with the consent of the district government for covering the environment protection related expenditures and other operating costs increased arising from the environmental relocation of your company. Please make financial treatment in accordance with relevant regulations upon receipt of the subsidies.”
The Company will credit the fiscal subsidies to the non-operating income of the Company in accordance with relevant requirements of the accounting standards and record them in the profit and loss account of the Company for the year of 2014. The specific accounting treatment shall be determined based on the results audited and confirmed by auditors.