November 17th, 1999 Wuxi Seamless Oil Pipes Company Limited, or WSP China, was initially incorporated.
Year 2000 We started the construction of our new plant in Wuxi New District, preparations of infrastructure construction, equipments installation, and personnel recruitment were gradually carried out.
August 18th, 2001 The company completed the Phase one construction of factory building which covered the area of approximately 7.4 acres and commenced commercial production.
2002 We obtained the American Petroleum Institute certifications and successfully developed domestic and international markets. Four of our research achievements were assessed as high-tech products in Jiangsu Province, one of which obtained the national patent. In the meantime, the company was certified as High-tech Corporation in Jiangsu.
2003 WSP’s products were accepted by the customers in the international markets. The production volume exceeded 100,000 tonnes.
2004 We successfully developed a number of non-API products; the company established Wuxi Seamless Oil Production Equipment Co. Ltd. In October, A joint venture with UMW Corporation Malaysia was formed; In November, the construction of hot rolling line with an annual production capacity of 500,000 tonnes was started.
2005 we continuously developed new markets and obtained three patents in R&D of non-API products, four new products were awarded the title of High-tech products in Jiangsu Province. In the meantime, we established Jiangsu Fanli Pipe Co., Ltd, Wuxi Seamless drill pipes Co., Ltd. The construction of hot rolling line with an annual production capacity of 450,000 tonnes was carried out. The production volume exceeded 200,000 tonnes in 2005. The company ranked top three producers within the industry in China.
August 2006 The hot rolling line commenced production.
December 2007 WSP Holdings successfully completed the IPO and began trading on the NYSE under the ticker symbol ”WH”. We became the second company in Wuxi Province and the 36th company in China that Listed in the United States. In 2007, the sales revenue were RMB 3.6 billion with profit of RMB 570 million, and the sales volume ranked the top three of the Industry in China.
2008 With one of the top three excellent results among High-Tech Enterprises in Wuxi, WSP China obtained the “High-Tech Enterprises certificate”. Its annual production of OCTG products reached about 620,000 tonnes with sales volume of 608,000 tonnes. WSP’s sales revenue were RMB 6 billion with profit of RMB 780 million, both increased more than 35% compared with that of year 2007.
2009 With international financial crisis sweeping across the world, trade protectionism such as anti-dumping and anti-countervailing forces kept growing, and the competition in domestic market intensified. Through our continued efforts, despite a tough market environment, we achieved the sales volume of 466,900 tonnes including domestic sales volume of 342,500 tonnes and the sales revenue of RMB 3.723 billion with profit after tax of RMB 334 million.
2010 In post-crisis era, the challenging market conditions continued. We made a united effort to fight for the future through eliminating interference, improving internal control, analyzing the situation and seeking opportunities.
2011 Due to the continued influence of international financial crisis and depressive OCTG market conditions, we were confronted with the challenges of the markets downturn, reduced orders and disequilibrium between OCTG products demand and supply; Year 2011 was a challenging year for our company, under the pressure of insufficient order amount and the shortage of production materials and natural gas resources, each subsidiary tried their best to reduce the loss through accomplishing production tasks.
2012 In year 2012, we will take effective measures to fight against the depressive market conditions and successfully complete the production tasks in 2012 through effectively carrying up the group company’s instructions and requirements.