Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced in its preliminary financial report for 2014 that it expects to register a net profit of RMB 60-90 million ($9.6-14.4 million) for the year in question, compared to a net profit of RMB 106 million in 2013.
According to Hunan Valin Steel, the decline in net profit is mainly due to slow growth in the domestic economy, sluggish demand from downstream users and low prices of finished steel.