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    A000080   KR7000080002

HITEJINRO CO., LTD.

(A000080)
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End-of-day quote Korea Stock Exchange  -  2022-08-04
31350.00 KRW   +0.64%
06/14S.Korea truckers return to work after strike ends; shares in companies rise
RE
06/14S.Korea truckers end strike; gov't agrees to extend pay guarantee
RE
06/12Impact of strike by South Korean truckers on autos, steel, others
RE
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S.Korea truckers return to work after strike ends; shares in companies rise

06/14/2022 | 09:21pm EDT
FILE PHOTO: Members of the Cargo Truckers Solidarity union take part in a protest in front of Kia Motor's factory tin Gwangju

SEOUL (Reuters) - South Korea's unionised truckers were getting back on the road on Wednesday after the union and the transport ministry reached a tentative late-night agreement, ending a nationwide strike that crippled ports and industrial hubs.

Shares in some affected industries rose in early trade, after the eight-day strike had delayed cargo shipments from autos to cement and alcohol, costing South Korea more than $1.2 billion in lost output and unfilled deliveries.

"So the strike has been called off until our demands are passed in parliament," said Park Jung-hoon, an official at the union's Busan chapter, referring to the process the transport ministry must undertake to implement the agreement.

"In the next two to three days, 100% of unionised truckers at Busan port are expected to return to work after they get some rest. There might be some shippers who seek retributions, and in such cases, we will respond strongly."

Shares in Hyundai Motor rose 4% while shares in Hanil Cement rose as much as 7% in early trade.

Yoo Ji-woong, an analyst at Daol Securities estimated the strike had impacted about 5,000 vehicles each for both Hyundai and Kia but said there were sufficient opportunities to make up for lost production during June through overtime.

Steelmaker POSCO, a unit of POSCO Holdings, halted work at some plants on Monday due to a lack of space to store unshipped products, but plans to achieve originally planned production output by adjusting its maintenance, a spokesperson said.

"We plan to resume our overland transport of steel products our of Pohang and Gwangyang steel plants starting 1 p.m. (0400 GMT) on Wednesday," the spokesperson added.

The transport ministry and truckers union agreed on late Tuesday to extend the truckers' minimum wage system and continue discussing expanding a guarantee of minimum pay for carrying cargo to cover additional products. The transport ministry will also review expanding fuel subsidies.

(Reporting by Byungwook Kim and Heekyong Yang; Additional reporting by Choonsik Yoo and Jihoon Lee; Writing by Joyce Lee; Editing by Lincoln Feast.)

By Byungwook Kim and Heekyong Yang


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HANIL CEMENT CO., LTD. -2.90% 15050 End-of-day quote.-28.33%
HANIL HOLDINGS CO., LTD. 0.00% 11300 End-of-day quote.-16.30%
HITEJINRO CO., LTD. 0.64% 31350 End-of-day quote.3.98%
HYUNDAI CORPORATION 0.90% 16750 End-of-day quote.-0.30%
HYUNDAI MOTOR COMPANY -1.02% 194500 End-of-day quote.-6.94%
KIA CORPORATION -0.98% 80500 End-of-day quote.-2.07%
POSCO HOLDINGS INC. 2.79% 239500 End-of-day quote.-12.75%
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Financials
Sales 2022 2 435 B 1,87 B 1,87 B
Net income 2022 127 B 0,10 B 0,10 B
Net Debt 2022 493 B 0,38 B 0,38 B
P/E ratio 2022 17,6x
Yield 2022 2,57%
Capitalization 2 169 B 1 664 M 1 664 M
EV / Sales 2022 1,09x
EV / Sales 2023 1,02x
Nbr of Employees 2 978
Free-Float 43,1%
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Last Close Price 31 350,00 KRW
Average target price 45 818,18 KRW
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In-Gyu Kim President, Chief Executive Officer & Director
Jin-Gook Kim Head-Research Institute
Sang-Won Yu Independent Director
Jae-Beom Lim Senior Managing Director
Gu-Yeon Lee Independent Director
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