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| During the year, rising global steel prices and a more-profitable sales mix propelled sales up 22.4% to KRW 14,359 billion. Our increasingly efficient cost structure enabled us to achieve a level of profitability unheard of in the steel industry with an operating margin of 21.3% and net earnings of KRW 1,981 billion. Our EBITDA margin jumped from 26.9% to 31.5%. ROE leaped from 10.2% to 16.3%. Our financial structure has never been more solid. And the stock market rightly rewarded our efforts to deliver shareholder value by pushing our stock price up 38.1%, handily outpacing the KOSPI’s 29.2% gain in 2003. |
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