The company said net income for 2023 was $2.5 billion ($14.64 per diluted share) on net sales of $18.8 billion, and for 2022 net income was $3.9 billion ($20.92 per diluted share) on net sales of $22.3 billion. Net sales fell 16% and operating income fell 38%.

1. 01

   The company said net income for 2023 was $2.5 billion ($14.64 per diluted share) on net sales of $18.8 billion, and for 2022 net income was $3.9 billion ($20.92 per diluted share) on net sales of $22.3 billion. Net sales fell 16% and operating income fell 38%.

2. 02

   The company attributed the decline in earnings for 2023 to narrower metal spreads in its steel and steel fabrication segments, as lower realized product prices outpaced lower primary raw material costs. Compared with 2022, operating income fell $1.2 billion in steel and $831 million in steel fabrication, the company said.

3. 03

   The company said cash flow from operations for 2023 was $3.5 billion. It also said it spent $1.7 billion on capital investments, paid $271 million in cash dividends and repurchased $1.5 billion of stock. As of December 31, 2023, it said liquidity was over $3.5 billion.

4. 04

   The company said net sales for Q4 2023 were $4.2 billion, and net income was $424 million ($2.61 per diluted share). For Q4, it said operating income for its steel operations was $365 million, down 24% from the previous quarter.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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