Jiangsu Province-based Chinese company Jiangsu Changbao Steel Tube Co., Ltd ( Jiangsu Changbao Steel Tube) has announced in a preliminary report that for 2015 it expects to record an operating revenue of RMB 2.923 billion ($0.45 billion), down 22.6 percent year on year, with a net profit of RMB 206 million ($31.55 million), down 16.2 percent year on year.
Jiangsu Changbao Steel Tube stated that slowing economic growth in China and the continuous declining trend of finished steel prices squeezed its profitability in the year in question.