Dongkuk Steel reports higher net profit for Q2

Wednesday, 18 August 2021 12:14:09 (GMT+3)   |   Istanbul

South Korean steel producer Dongkuk Steel has announced its financial results for the second quarter of 2021.

Accordingly, Dongkuk Steel reported a net profit of KRW 147.9 billion ($125.78 million), rising from the net profit of KRW 622 million recorded in the same period of the previous year due to a higher operating income, while its revenues in the given period totaled KRW 1.8 trillion ($1.55 billion), increasing by 38.4 percent compared to KRW 1.3 trillion in the second quarter of 2020. The company’s operating income increased by 107.4 percent year on year to KRW 207 billion ($177 million) in the same period.

In the second quarter, Dongkuk reported EBITDA of KRW 256.4 billion ($219.25 million), increasing by 86.1 percent compared to KRW 137.8 billion in the corresponding period of the last year.

According to Dongkuk Steel, in the second quarter, the company produced 1,003,000 mt of rebar and section, 405,000 mt of cold rolled products and 184,000 mt of steel plate, increasing by 9.4 percent and 8.8 percent and down by 6.1 percent year on year, respectively, while it sold 1,034,000 mt of rebar and sections, 432,000 mt of cold rolled products and 184,000 mt of steel plate, up by 12.3 percent, 10.5 percent and down by 4.6 percent year on year, respectively. According to the company’s statement, rebar and section sales increased amid the seasonal peak and increased demand in the construction industry.

In the first six months of the year, rebar and sections accounted for 51 percent of the company’s total sales revenue, while cold rolled products and steel plates accounted for 35 percent and 11 percent of the total sales revenues, respectively.

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