Hyundai Steel Q1 net tumbles 62 pct on lower output, weak demand

SEOUL, April 29 (Yonhap) -- Hyundai Steel Co., South Korea's second-biggest
steelmaker, said Wednesday that its first-quarter earnings dropped 62 percent on
reduced production and lower prices amid weakened demand.

Its net profit reached 51.5 billion won (US$38 million) in the January-March
period, compared with 137.1 billion won a year earlier, the company said in a
regulatory filing.
Its sales fell 13.2 percent to 1.85 trillion won over the cited period, and
operating income sank 57 percent to 95.9 billion won.
Shares of Hyundai Steel were trading at 51,000 won on the Seoul bourse as of
10:48 a.m., up 0.79 percent.
Its domestic rival POSCO also reported earlier this month that its profit fell 68
percent as the global recession reduced demand from automakers, builders and
electronics companies.
South Korea unveiled an 18-trillion won extra budget spending plan in March in
addition to the 51-trillion won stimulus already allocated to revive economic
growth.
sam@yna.co.kr
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