South Korean steelmaker Hyundai Steel has announced its financial results for 2011, registering a decline in net profit for the given year.
Hyundai Steel's net profit in 2011 amounted to KRW 735 billion ($653.3 million), down 26.1 percent year on year. In the given year, Hyundai Steel increased its operating profit by 26.1 percent to KRW 1.3 trillion ($1.16 billion), while its total sales revenues increased to KRW 15.26 trillion ($13.5 billion), up 49.6 percent, both compared to the previous year.
According to Hyundai Steel's statement, the growth in sales revenue and operating profit was the result of increased production. Total production including HRC, plate and bars reached 1.61 million mt for the first time.
Hyundai Steel expects a three percent decrease year on year in its total sales revenue to KRW 14.7 trillion ($13.06 billion) for 2012.