On January 27, Jiangsu Province-based Chinese steel pipe producer Jiangsu Changbao Steel Tube Co. announced its preliminary financial results for 2014.
Accordingly, in 2014 Jiangsu Changbao Steel Tube achieved an operating revenue of RMB 3.777 billion ($616 million), down 5.3 percent, while it realized a net profit of RMB 246 million ($40.13 million), up
8.33 percent, both on year-on-year basis.
Jiangsu Changbao Steel Tube stated that, although its sales volume indicated a year-on-year increase in 2014, its sales prices declined due to the decreases in iron ore prices, resulting in a decline in its operating revenue. However, by developing high value-added products, the company improved its profitability in the given year.