South Korean steelmaker Hyundai Steel’s sales revenues in 2020 decreased by 12.1% YoY to KRW 18.02 trillion (USD 16.1 billion), while its operating profit totaled KRW 73 billion compared to an operating profit of KRW 331 billion in 2019. In 2020, the company’s finished steel production amounted to 19.07 million tonnes, decreasing by 10.1% YoY, while its steel sales volume totaled 19.68 million tonnes, down by 7.7% YoY. Production decreased as global demand shrank amid the coronavirus pandemic, while sales declined due to the slump in industrial demand, from sectors such as automotive and shipbuilding.
2021 sales volume guidance has been set at 19.34 million tonnes down by 2% YoY (BF -1% YoY & EAF -3% YoY)
Output and sales will normalize as the global economy recovers. Profit margins will also improve thanks to the removal of underperforming business segments.
The company will invest KRW 340 billionn in ESG-related CDQ facilities until 2024