Hyundai Steel’s sales in Q2 rise 39.7 percent, net profit declines

South Korean steelmaker Hyundai Steel has issued its financial results for the second quarter of 2010, stating that the results during the second quarter reflected the early stabilization of operation of blast furnace No. 1 which was commissioned on April 8 this year and successful cost reduction efforts. In June, Hyundai Steel's BF No.1 achieved an average production volume of 11,655 mt per day, while the peak volume was registered at 12,033 mt on June 22.
 
According to the financial results, the net profit of Hyundai Steel in the second quarter of this year was KRW 168.2 billion ($141.75 million) with a year-on-year decrease of 40.6 percent and down 33.9 percent as compared to the previous quarter. Sales revenues in the second quarter saw an increase of 39.7 percent year on year, rising to KRW 2.72 trillion ($2.29 billion), up 34.9 percent quarter on quarter.
 
Hyundai Steel said that it managed to create demand in domestic and overseas markets by product expansion, developing foreign standards and tailored products for the foreign market; such as H-beams of Middle Eastern and European standards and channels of Australian standard. Hyundai Steel has also developed 11 round beams for automotive application and 160-mt alloyed steel ingots for chemical plants.