Jiangsu Province-based Chinese steel pipe producer Changbao Steel Tube Co., Ltd. announced on March 21 that its subsidiary Changbao Fine and Special Steel Pipe Co., Ltd. plans to invest in the construction of a precision pipe project for new energy vehicles, with an estimated investment of RMB 520 million ($75.6 million).
According to the feasibility study report, the project in question is expected to increase the annual operating revenue by RMB 525 million ($76.4 million) and the gross profit by RMB 63.07 million ($9.2 million) per year.
On March 22, Changbao Steel Tube issued its annual financial report for 2022, posting an operating revenue of RMB 6.223 billion ($0.91 billion) in the given year, up 47.3 percent year on year, while registering a net profit of RMB 471 million ($68.6 million) in the same period, up 246.8 percent year on year.
Oil casing pipes were the main source of the enterprise’s operating income in 2022, which totaled RMB 3.7 billion ($0.54 billion).
$1 = RMB 6.8709
