China’s Jiangsu Wujin Stainless reported a net profit of CNY314.29mn in 2019, up by 58.2pc from a year ago amid steady demand for stainless steel pipes in the petroleum industry.
In 2019, Wujin Stainless produced 47,431mn mt stainless steel seamless tubes, up by 6.98pc from a year ago, while stainless steel welded pipes production was 29,788mn mt, up by 14.44pc from the prior year. Sales volume for seamless tubes was 48,866mn mt, up by 17.18pc while for welded pipes, sales volume was 28,566mn mt up by 13.96pc.
Investments in China’s petroleum industry, especially in the downstream sector and large projects boosted demand for Wujin Stainless’s products in 2019. Steady demand for stainless steel welded pipes and the company’s focus on high-quality products increased sales and profit during the year.