Hyundai Steel, the nation’s second-largest steel manufacturer, saw a decrease in its sales and operating profits last year, while its net profit grew.
In its annual regulatory filing on Thursday, the company said that it recorded 14.1 trillion won ($13 billion) in sales last year, 870.8 billion won in operating profit and 791.4 billion won in net profit.
The sales and operating profits fell by 7.4 percent and 31.9 percent respectively on-year, but the net profit saw a 7.6 percent rise, officials said.
This year’s sales target is 13.4 trillion won.
The company, in an effort to overcome the continuing slump in the steel industry, largely focused on cost reduction and the expansion of high-return products, according to officials.
It is also expected to complete its third blast furnace within the year, which will contribute to future productivity and sales, officials said.
(
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