[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Steel announced on January 31 that its consolidated operating profit fell 33.9% year-on-year to KRW 1.616 trillion last year. Sales rose 19.7% to 27.34 trillion won, while net profit fell 31.0% to 1.384 trillion won.
Hyundai Steel explained, "Despite the worsening market conditions and the impact of the cargo solidarity strike in the second half of 2022, we achieved stable annual management performance."
Hyundai Steel plans to gradually improve profits and losses by 2023 through sales recovery and profitability-oriented management due to normalization of production.
This year's steel market is expected to recover demand at home and abroad, including the resumption of Chinese economic activities, a rebound in global steel demand led by the U.S. and emerging economies, an increase in auto production due to eased supply chain disruptions, and an increase in remaining orders from solid global ship orders.
Hyundai Steel plans to strengthen its competitiveness in major product-specific markets in response to such a business environment.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
