Hynix to lower debt, grow sales -

Updates to this story

South Korean newspapers are full of reports of a press conference hosted on Monday by Kwon Oh-Chul, the new CEO of DRAM-maker Hynix.

The Korea Times quoted Kwon Oh-Chul as saying Hynix was only able to meet 60% of chip demand from the company's clients. Hynixs' new boss also added that Hynix is set to profit financially from the current, stronger market. The company also plans to lower its debt in the long-term from around 7 trillion Korean won (6,16 billion US dollars) to under 4 trillion won (3.52 billion US dollars).

Strong demand from customers and the hope Hynix will score record sales this year also seem to outweigh concern that the industry is facing a bubble. TSMC's chairman Morris Chang recently warned business will look bleak in the second half of this year and sales will fall. Chang nonetheless expects the chip industry to grow somewhere between 4% and 5% in the next four years.

Kwon added Hynix would probably end all cooperation with flash maker Numonyx as soon as rival Micron Technology acquires the company. Hynix and Numonyx run a joint venture in China. Hynix will have to look for other ways to bring its flash memory business back on track, making the company more attractive as a whole to potential buyers.