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Hyundai Steel fares well despite slow industry

Hyundai Steel’s long products remain solid despite the slow domestic construction market, said Eugene Investment and Securities on Dec. 27 maintaining a “buy” recommendation and 55,000 won (USD 49.01) target price. Its revenue on a standalone basis in the fourth quarter will surge 79 percent on year to 4.72 trillion won and operating profit by 10.9 percent to 331.7 billion won. Although electric furnace prices will fail to rise, steel roll margins will remain on a stable upturn. The blast furnace division, however, will suffer from a decline in exports and lower prices. 

Analyst Bang Min-jin said that next year is not very optimistic as sluggish domestic construction market and inflow of lower-priced Chinese products will undermine its electric furnace business, while commodity prices will burden its blast furnaces. Analyst said that uncertainties loom, but it will concentrate on defending its margins through adjusting operation rates. Although sales of cold-rolled sheets and stainless steel carbon are improving slower than expected, profitability decline will be limited.
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