On March 17, Jiangxi Province-based Chinese steelmaker Fangda Special Steel issued its financial results for 2014, announcing an operating revenue of RMB 11.509 billion ($1.84 billion), down 12.91 percent year on year, while it saw a net profit of RMB 569 million ($90.89 million), up 1.16 percent year on year. In 2014, Fangda Special Steel produced 3.0549 million mt of pig iron, 3.5266 million mt of
crude steel, and 3.5266 million mt of finished steel, rising by 0.80 percent, 1.47 percent and 1.51 percent year on year, respectively.
The company stated that the continuous sluggishness of the domestic finished steel market in the given year negatively affected its operations, though the significant decline in iron ore prices contributed to the increase in its profit. In 2015, Fangda Special Steel plans to produce 3.05 million mt of pig iron, 3.45 million mt of
crude steel and 3.45 million mt of finished steel.