Hyundai Steel made a net profit of KRW 450 billion in 2023, compared to last year's net profit of KRW 1.04 trillion. This decline in Hyundai Steel's net profit was attributed to difficult global economic conditions.
In the same period, Hyundai Steel's long product production decreased by 4.5% compared to the previous year, reaching 6.35 million tons. However, steel plate production increased by 12.7% to 11.66 million tons. Total sales volume reached 18.55 million tons, an increase of 1.4% compared to the previous year.
The decline in long steel sales was attributed to the slowdown in the construction market, while the increase in steel plate sales was affected by factors such as worker strikes.
Hyundai Steel stated that high interest rates, geopolitical problems and ongoing inflation will continue to negatively affect global economic growth. However, demand from the construction and infrastructure industries in developing countries is expected to contribute to the recovery in steel demand.
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