Hyundai Steel’s net profit rises 40 percent in 2009

On January 28, South Korea's second largest steelmaker Hyundai Steel announced its financial and operational results for 2009.
 
Accordingly, in 2009 Hyundai Steel registered a sales revenue of KRW 7.97 trillion ($6.92 billion), which is 24.2 percent lower as compared to 2008, while its net profit amounted to KRW 1.15 trillion ($998.4 million), increasing by 40.1 percent year on year, due to stock sales and foreign exchange profit.
 
In 2009, the company achieved a crude steel output of 8.45 million metric tons, decreasing by 14.4 percent, while its finished steel production totaled 9.45 million metric tons, up 7.7 percent, both compared to 2008. Meanwhile, Hyundai Steel's shipments in 2009 amounted to 9.93 million metric tons, five percent higher than 2008.
 
In 2010, Hyundai Steel aims to reach an unprecedented product sales target of 12.13 million metric tons and it expects to register a sales revenue of KRW 9.19 trillion, 15.3 percent higher as compared to 2009, due to the increase of flat sales from the operation of its blast furnace No.1, which has started production this year, and due to the increase in longs product sales from the expectations of a recovery in South Korea's construction industry. In 2010, the company also plans to produce 3.8 million metric tons of hot rolled coil and 1.01 million metric tons of plate.