South Korean steelmaker Hyundai Steel has announced its financial results for 2024.
Accordingly, Hyundai Steel has posted a net profit of KRW 123 billion ($85.58 million) for the full year, compared to a net profit of KRW 443 billion in 2023, while its sales revenues decreased by 10.3 percent year on year to KRW 23.22 trillion ($16.16 billion). The decreases in net profit and sales revenues are due to the slowdown in the construction market and the increase in low-priced steel imports. The company’s operating profit totaled KRW 314 billion ($218.49 million) in the given year, compared to an operating profit of KRW 798 billion in 2023.
In 2024, the company’s total sales volume totaled 17.07 million mt, down by 7.9 percent year on year. Hyundai Steel’s long steel sales amounted to 5.4 million mt, down by 14.6 percent year on year due to the sluggish construction market.
