Hyundai Steel Co., the second largest steel producer in South Korea, experienced a 31% decrease in its net profit last year due to a decline in product prices and higher costs. The company's net income reached KRW 1.04 trillion (USD 845 million) on a consolidated basis, compared to KRW 1.51 trillion the previous year.
Despite this downturn, the company's sales rose by 19.7% to KRW 27.34 trillion (USD 22.2 billion). Hyundai Steel attributed its performance to the drop in prices of its key products and the increased costs.
However, the company is optimistic about a rebound in demand, as China's economy reopens and there is sustained demand from automakers and shipbuilders. The steelmaker aims to sell 1.1 million tons of steel sheets to automakers this year, an increase of 34% from the previous year.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only