On November 1, Zhenjiang Province-based Chinese stainless steel pipes and tubes producer Zhejiang JIULI Hi-tech Metals Co. (formerly known as Jiuli Stainless Steel Pipe Co.), a listed subsidiary of Zhejiang JIULI Group Co., announced that its new production line for large diameter steel pipes for application in liquefied natural gas (LNG) pipelines is about to start production.
According to the company, the new production line, which will have an annual output capacity of 20,000 mt, will have the opportunity to supply large-scale construction projects in the energy and gas industry, meeting customers' needs at home and abroad.
Meanwhile, in the January-September period this year, Zhejiang JIULI Hi-tech Metals recorded an operating revenue of RMB 2.164 billion ($0.36 billion), up 6.23 percent, and a net profit of RMB 171 million ($28.1 million), up 37.40 percent, both year on year. In the third quarter alone, the company's operating revenue and net profit amounted to RMB 781 million ($128.2 million) and RMB 70 million ($11.49 million), up by 4.34 percent and 36.62 percent year on year, respectively.