SEOUL, Hyundai Steel Co. on Tuesday reported its first-quarter net income of 32.2 billion won (US$23.4 million), down 85.2 percent from a year earlier. The company said in a regulatory filing that it posted 55.8 billion won in operating profit for the quarter, compared with 333.9 billion won a year ago. Revenue fell 6.9 percent to 5.94 trillion won. The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 35.4 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Source: Yonhap News Agency