SeAH Besteel Reports Operating Loss of 3.2 Billion KRW Last Year... Turns to Deficit

[Asia Economy Reporter Minji Lee] SeAH Steel, a subsidiary of SeAH Holdings, announced on the 2nd that it recorded an operating loss of 3.2 billion KRW last year, turning to a deficit. Sales decreased by 13.6% to 2.5357 trillion KRW, and net loss turned to a deficit of 234.6 billion KRW.

The company stated, “Due to the impact of COVID-19, contraction in downstream industries, and intensified market competition, operating profit turned to a loss,” adding, “An impairment loss on tangible assets amounting to 282.2 billion KRW was reflected, expanding the current period loss.”