INI Steel announces 72% increase in its profit
South Korean steel maker INI Steel has recently posted financial results of the third quarter ended on September 30, 2004.
Accordingly, the company reported a 72% increase in its profit against the profit recorded in the third quarter of 2003, on the back of rising steel prices as a result of surging demand from
China.
The company recorded a net income of Won 102.3 billion ($90.8 million) and an operating income of Won 181 billion ($160.8 million). Sales of the company increased by 38% to Won 1.2 trillion ($1.06 billion).