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In the year 2006, for the first time since its founding, SeAH Steel Corporation achieved more than 1,000 million dollars in sales thanks to the increase in sales of flat rolled products resulting from stable operation of the CGI (continuous galvanized iron) facilities, despite the decrease in pipe sales due to the drop in sales prices which persisted from the second half of 2005 through the first quarter of 2006. However, the company experienced many difficulties such as falling exchange rates, rising oil prices, continuing sluggishness in the construction industry which is the greatest generator of demands for steel, difficulties in securing raw materials locally during the first half of the year, and the increase in the imports of products made in China. SEROMI, the new ERP system, which was installed to effectively deal with rapidly changing domestic and overseas management environments, began its operation in April and got itself settled fairly well. Furthermore, the company has pursued more aggressive management strategies through early stabilization of sales and production in the flat rolled products division and through strategic alliance with POSCO. Through such efforts and changes, SeAH Steel Corporation will actively deal with changes in external circumstances and will continuously do its best to improve its profit model through diversifying its businesses.
Since our establishment in 1960, SeAH has always had a vision to become a leading enterprise in global steel industry based on the accumulated technological expertise and reputation. To accomplish our goal, we have set up strategies to focus on the customer satisfaction, high-level competitiveness, and future-orientation. And the performance of year 2006 showed that we have been following the right course.
As we celebrate the continuous growth of SeAH, we take genuine pride in our management philosophy which emphasizes the creation of value based on trust and sincerity. We are also proud of our employees, who are an essential part of SeAH and have dedicated themselves to the growth and prosperity of our company.
We also appreciate shareholders' support and encouragement. Thanks to your support, we shall continue to pursue our goal of becoming a leading company in global steel industry. With our vision, every SeAH member has a strong conviction and high aspiration to meet the challenges. At the same time, we will seek to fulfill our responsibility to the society, and dedicate ourselves to the advancement of human society.
Thank you very much.
Woon-hyung, Lee
Chairman & CEO |
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