Author: Paul Ploumis
24 Oct 2014 Last updated at 06:44:06 GMT
SEOUL (Scrap Monster): Excluding the minority interest, the net income of the company was reported to be 225 million dollars, whereas last year the net income was 536 million dollars, excluding the minority interest. The reported income declined from lower from the estimated forecast by about 16 analysts, which was 451 million dollars. Even so the sales raised about to 7.9 percent to 151 billion dollars.
The economy in China, continues to creep slow, and unfortunately, China is the biggest consumer of steel, the country now depends on their own domestic steel production. This will lead to the decline in price and squeeze dry the global market.
A steel sector analyst, Kim Hyun Tae, stated that, in order for the demand of steel to decline, the company can only hope for the cut down of production of steel in China through restructuring. Compared to China, the domestic steel industry in the country is still flowing in good force, but not great.