A finish annealed non-oriented electromagnetic steel sheet includes about 0.01 wt % or less of C, greater than about 1.0 wt % and at most about 3.5 wt % of Si, at least about 0.6 wt % and at most about 3.0 wt % of Al, at least about 0.1 wt % and at most about 2.0 wt % of Mn, at least about 2 ppm and at most about 80 ppm of one or more rare earth metals (REM), a maximum content of Ti and Zr being about 15 ppm and 80 ppm, respectively, wherein oxygen on the surface layer of the steel sheet is 1.0 g/e2 or less. Since the non-oriented electromagnetic steel sheet has desirable mechanical properties resulting from the increased amounts of Si and Al, a high magnetic flux density can be maintained without sacrificing a punching property as well as very low iron loss can be obtained even after stress relief annealing.