Posted on 26 Jan 2017
Hyundai Steel Co., the country’s No. 2 steelmaker, said Wednesday that its earnings improved by almost 13 percent last year from a year earlier, aided by increased sales of high-priced steel products in the face of an industrywide slump.
Net profit reached 834 billion won (US$715 million) on a consolidated basis last year, up 12.8 percent from a profit of 739 billion won the previous year, the company said.
Operating income fell 1.3 percent on-year to 1.45 trillion won last year, while sales increased 3.5 percent to 16.69 trillion won over the cited period, according to the steelmaker, which is affiliated with Hyundai Motor Group, the leading automaking business group.
Hyundai Steel said its debt ratio fell to 89.9 percent at the end of last year by paying off some 2 trillion won worth of debts over the past three years.
The steelmaker expects sales to increase slightly this year, aiming to sell a total of 21.3 million tons of steel products, up 3.4 percent from last year.
