Dongkuk Steel, Returns to Net Profit After 3 Years

Operating Profit of 294.7 Billion KRW Last Year... Up 79.1% YoY

[Asia Economy Reporter Hwang Yoon-joo] Dongkuk Steel succeeded in turning its net profit positive for the first time in three years since 2017.

Dongkuk Steel announced on the 9th that its consolidated operating profit last year was 294.7 billion KRW, an increase of 79.1% compared to the previous year. During the same period, sales decreased by 8.0% to 5.2062 trillion KRW, but net profit turned positive to 67.3 billion KRW. In particular, net losses of 304.5 billion KRW in 2018 and 81.7 billion KRW in 2019 turned into a net profit of 67.3 billion KRW in 2020.

Despite uncertainties such as the COVID-19 pandemic last year, Dongkuk Steel achieved excellent management performance by flexibly responding to rapid market volatility based on a portfolio consisting of hot-rolled and cold-rolled steel.

Long steel products maximized the advantages of electric arc furnace steelmaking, allowing quick and flexible responses to market changes, and galvanized and color steel sheet products achieved results in the second half of the year thanks to the 'Pent-up' effect.

Dongkuk Steel plans to expand investments in the environmental safety sector this year and enhance corporate sustainability through profitability-focused internal management. It also intends to strengthen cost competitiveness and market dominance by continuing investments and rationalization, including the new color steel sheet production line (S1).

Meanwhile, Dongkuk Steel has resolved to pay a cash dividend of 200 KRW per share.

This content was produced with the assistance of AI translation services.