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Biz News Korea(Eng)
Hyundai Steel Q4 OP slips 14.3% on year, vows $1.1 bn in 2018 capex
- Collected
- 2018.01.29
- Distributed
- 2018.01.30
- Source
- Go Direct
Hyundai Steel announced in its regulatory filing on Friday that its operating profit during the October to December period fell 14.3 percent on year to 299.1 billion won ($280.6 million). Sales rose 8 percent to 4.4 trillion won and net profit gained 15 percent to 133.9 billion won during the same period.
As of 12:59 p.m. on Monday, shares of Hyundai Steel fell 1.53 percent to 58,000 won in Seoul trading.
For full 2017, operating profit reached 1.2 trillion won, down 3.5 percent from a year ago. Sales increased 18 percent to 16.9 trillion won while net income slipped 10 percent to 726.2 billion won. The company said its bottom line was hurt by poor car sales in the U.S. and China.
The steel maker said, however, that it benefited from the recovery in the steel industry, rising sales for premium products in the global market and its efforts to strengthen financial structure. Its debt ratio as of the end of last year reached 85.8 percent, down from 89.9 percent in the previous year, according to the company.
Hyundai Steel announced in a conference call that it would expand supply of automotive steels for the overseas market to 1.2 million tons by 2020, with this year’s target set at 600,000 tons. The steelmaker earmarked around 1.2 trillion won in facility investment this year, 40 billion won in its Indian plant and 1.1 trillion won at home.
By Woo Je-yoon and Choi Mira
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