09/02/2014 09:41 AST

Yonhap reported that South Korea's second largest steelmaker, Hyundai Steel Company net profit dropped 11.7% last year from a year ago due to a fall in prices of its steel products.

Net income came to KRW 709.4 billion in 2013 compared with KRW 803.13 billion in the previous year. Sales fell 9.14% to KRW 13.53 trillion in the cited period and operating profit lost 14.24% to KRW 762.6 billion.

The yearly performance was poor as unfavorable market conditions pulled down the sales prices of steel products. For the Q4, net income rose 15.52% to KRW 262.69 billion from a year ago, with sales rising 10.5% to KRW 3.85 trillion. Operating profit more than doubled to KRW 264.89 billion in the same period.

Hyundai Steel set its sales target for 2014 at KRW 16.3 trillion up from KRW 13.53 trillion last year, despite its sobering forecast for business conditions. The company predicted global demand for steel products to rise slightly this year on the back of a rise in demand from advanced countries.


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