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As a leading Korean steel and metal trader, Steel Division is actively engaged in the domestic steel and metal industry, supported by affiliates such as HYUNDAI STEEL, Hyundai Hysco, and NOVELIS KOREA. In recent years, the Division has expanded its business in importing and trading steel products and non-ferrous and precious metals.
Facing difficult market conditions, the Steel Division posted total turnover US$878 million for 2004, a considerable achievement given the worldwide economic recession and slump in demand for steel. In particular, the Division focused export sales to markets in South-West Asia and the Middle East. Besides its general trading activities, the Steel Service Center established by the Division in Chennai, India sells cold-rolled steel for local automobiles and provides steel materials to the home appliance industries.
With the world economy showing instability, adverse market conditions in the steel industry are expected to carry over to 2005. Exchange rate fluctuations, decreased demand for steel due to the drop in consumer confidence and low sales prices are some of the hurdles the Division and industry alike will face.
The outlook for the second half of the year is more favorable as an economic recovery is anticipated and difficulties of the operating environment ease. Given this backdrop, the division will persist with its focus on profit-oriented management to ride out the downturn. To increase profit sources, new markets will be sought, particularly in Europe, the Middle East, and Central and South America, and marketing will be intensified across the business portfolio of automobiles, construction and oil & gas development industries. Above all, the Division will continue to place priority on ensuring customer satisfaction.
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