▲ Hyundai Steel Co.'s steelmaking plant in Dangjin, about 100 kilometers south of Seoul (Yonhap)

(LEAD) Hyundai Steel-2021 earnings

(LEAD) Hyundai Steel swings to black in 2021 on firm demand, price hikes

(ATTN: RECASTS headline, lead; UPDATES throughout with details)

SEOUL, Jan. 27 (Yonhap) -- Hyundai Steel Co., South Korea's No.2 steelmaker, said Thursday it swung to the black last year from a year earlier on firm demand and price hikes.

Net income stood at 1.51 trillion won (US$1.3 billion) last year, shifting from a net loss of 440 billion won a year earlier, the company said in a regulatory filing.

Operating income also surged to a record 2.45 trillion won last year from an operating profit of 73 billion won the previous year, and sales spiked 27 percent on-year to 22.85 trillion won, it said.

The steelmaker attributed the improved performance to firm demand for steel plates used for autos and ships, and a rise in prices of key products.

The company said it would focus on beefing up the production of high-priced steels and their sales this year.

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