Dongkuk Steel reports three-fold increase in its profit

Dongkuk Steel reports three-fold increase in its profit

South Korean steel producer Dongkuk Steel has announced that its net profit in the first half of 2004 has increased by 243% to Won 207.1 billion ($180 million) when compared with the net profit recorded in the first half of 2003. The profit is stated to have increased due to strong demand and higher steel prices. Sales of the company in the same period increased by 39% to Won 1.5 trillion ($1.3 billion) against the figure recorded in the first six-month period of previous year. In line with these improved results, the company has increased its sales target for 2004 to Won 3.2 trillion ($2.77 billion) and the operating profit target to Won 460 billion ($398 million).