South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for 2021.
Accordingly, Hyundai Steel has posted a net profit of KRW 1.50 trillion ($1.24 billion) for the full year, compared to a net loss of KRW 440 billion in 2020.
Last year, the company’s sales revenues increased by 26.8 percent year on year to KRW 22.85 trillion ($18.97 billion) as demand recovered and sales prices increased, while its operating profit totaled KRW 2.44 trillion ($2.03 billion), compared to an operating profit of KRW 73 billion in 2020.
In 2021, the company’s finished steel production amounted to 18.43 million mt, decreasing by 3.3 percent year on year, while its steel sales volume totaled 19.11 million mt, down by 2.8 percent year on year. According to the company’s statement, production and sales decreased compared to 2020 due to restructuring, facility and labor issues.
According to the company, global steel demand is expected to increase as downstream industries recover globally, except in China. The company expects the global economic recovery to slow down due to the new variant of the coronavirus, supply disruptions and rising inflation. Hyundai Steel said it also expects construction and auto demand to be strong amid the government’s construction projects. Regarding raw material and steel prices, the company said that iron ore and coal prices will increase amid supply disruptions.
