Jiangsu Province-based Chinese steel producer Nanjing Iron and Steel (Nanjing Steel) has announced that it expects to record a net profit of RMB 300 million ($48.31 million) for 2014. The company had posted a net loss of RMB 618.5 million ($99.60 million) for 2013.
Nanjing Steel stated that its production and sales volumes for pig iron, crude steel and finished steel indicated rises on year-on-year basis in 2014. Meanwhile, raw material prices softened at a faster pace than finished steel prices, resulting in increased profitability for the company in 2014.