Hyundai Steel, the largest steelmaker in South Korea, is predicting sales drop by 26 percent in 2009 because of slowing demand in the market. The uncertain business outlook for 2009 is another reason for aggravating the condition for Hyundai Steel. Global credit crunch has played a big role behind the fall of demand in the steel market, following four successful years on a row. Steel mills around the world are experiencing the worst time at this moment in the recent years. Due to economic recession, investment in new business project has been slowed down, thus sliding the demand for steel worldwide. So, it is pretty much certain that Hyundai Steel is going to see drop in yearly sales in 2009.
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Reuters
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