Despite the sluggish steel market, sales revenue of Benxi Iron & Steel (Group) Co Ltd exceeded 100 billion yuan ($16.13 billion) for the third time in 2014. Its export increased by 24.5 percent compared to last year, Liaoning Daily reported.

Over the recent years, steel's market share has kept going down due to the fierce competition among homogenized products. Low profits, low price and high pressure have become the new normal of the steel industry.

Faced with a tough situation, Benxi Steel strived to adjust and research in order to accelerate the transformation. It stuck to market-oriented policy, exploring new markets and customers while stabilizing the intrinsic market share.

The company, located in Benxi, Liaoning province, is one of the main iron and steel producers in China with an annual output of 20 million metric tons of high-quality steel products.

Besides China, the company's products are sold overseas. Last year, its export contract value took the lead among major steel corporations in the country for four consecutive years.