South Korea's second largest steelmaker Hyundai Steel (Hyundai) has announced its financial results for the first quarter of 2009. Accordingly, the company has posted its biggest quarterly profit drop in three years after slashing production and prices as the global recession curbed demand from builders.
Accordingly, Hyundai's net income fell by 62 percent year on year to KRW 51.5 billion (US$40.4 million) in the first quarter of 2009 compared to the net income of KRW 137.1 billion (US$107.7 million) a year earlier.
Meanwhile, the company's sales fell by 13.2 percent to KRW 1.85 trillion (US$1.45 billion) in the period in question, and operating income declined by 57 percent to KRW 95.9 billion (US$75.35 million), both compared to the year-ago period.
US$1 = KRW 1,272.75