Gansu Province-based Chinese steelmaker Jiuquan Iron and Steel Group (JISCO) has announced that its Gansu-based subsidiary Hongxing Steel has issued its preliminary financial results for 2014, indicating that it expects to register a net profit of RMB 40 million ($6.45 million) for the year, compared to a net loss of RMB 2.338 billion in 2013.
Hongxing Steel stated that it actively adjusted its product structure by increasing investment in technology and by improving management, and also by enhancing inventory management in order to lower costs, all of which helped it to return to profit in the given year.