Seoul: Hyundai Steel Co. on Wednesday reported its 2024 net profit of 123.2 billion won (US$85.9 million), marking a 72.2 percent decrease from the previous year. The decline highlights significant challenges faced by the company throughout the year.
According to Yonhap News Agency, Hyundai Steel's operating profit for the year also fell considerably, dropping 60.6 percent to 314.4 billion won. The company announced these figures in a regulatory filing, indicating a notable downturn in its financial performance.
Furthermore, Hyundai Steel's annual sales experienced a decline, falling 10.4 percent to 23.22 trillion won. The decrease in sales and profits reflects broader trends affecting the industry and suggests adjustments may be necessary for the company to navigate future market conditions.