South Korea's Hyundai Steel reports lower net profit for 2023
Time:Thu, 08 Feb 2024 09:17:12 +0800
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South Korean steelmaker Hyundai Steel announced its financial results for 2023. Due to the global economic downturn, Hyundai Steel reported a full-year net profit of KRW 450 billion, compared to a net profit of KRW 1.04 trillion in 2022.
In 2023, Hyundai Steel produced 6.35 million tons of long products, down by 4.5% year on year, and 11.66 million tons of steel plates, up by 12.7% year on year. The total sales volume was 18.55 million tons, increasing by 1.4% year on year.
The company said its long steel sales declined due to the sluggish construction market, while steel plate sales increased due to the base effect of labor strikes.
Hyundai Steel stated that high interest rates, geopolitical issues, and persistent inflation will continue to affect global economic growth. It expects demand from the construction and infrastructure industries in developing countries to contribute to a recovery in steel demand.
