Hyundai Steel 2022 net dips 31 pct on declining prices

Hyundai Steel Co., South Korea's No. 2 steelmaker, said Tuesday its net profit fell 31 percent on-year last year due to declining prices and rising costs.

Net income stood at 1.04 trillion won (US$848 million) on a consolidated basis last year, compared with a net profit of 1.51 trillion won a year earlier, the company said in a regulatory filing.

Operating income dipped 34 percent on-year to 1.62 trillion won, while sales spiked 19.7 percent to 27.34 trillion won, it said.

The steelmaker attributed the downbeat performance to a fall in prices of key products and increased costs.

The company expects demand to rebound on the back of China's reopening, and firm demand from automakers and shipbuilders.