Hyundai Steel’s operating profits plummet 70 percent

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Hyundai Steel’s operating profits plummet 70 percent

Published: 29 Jan. 2020, 20:16

Hyundai Steel’s operating profit dipped nearly 70 percent in 2019, to 331.3 billion won ($296 million), while its sales inched down 1.3 percent on-year to 20.51 trillion won.

The company’s fourth-quarter sales were 4.82 trillion won, a 9.2 percent drop on-year. It posted an operating loss of 147.9 billion won during the same period, compared with 254.9 billion won operating profit during the same period a year ago.

The steel maker said the price of iron ore last year reached 120 dollars per ton, but the company couldn’t reflect the increased price on automotive steel due to the sluggish automobile business.

“Uncertainties in the management environment are continuing in 2020, with the imbalance in the global supply and demand of products and unstable international situations,” said a company spokesperson.

By Jin Min-ji