Hyundai Steel goes from profit to loss in Q3

Thursday, 31 October 2019 15:55:23 (GMT+3)   |   Istanbul
       

South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for the third quarter of 2019.

Accordingly, Hyundai Steel posted a net loss of KRW 66 billion ($56.5 million) in the third quarter of this year, compared to a net profit of KRW 51 billion in the second quarter and a net loss of KRW 38 billion in the third quarter of 2018. According to the company statement, Hyundai Steel’s profitability decreased due to the decline in margins of overseas subsidiaries largely affected by China.

Meanwhile, the company's sales revenues fell by 9.4 percent quarter on quarter and by 3.6 percent year on year to KRW 5.05 trillion ($4.32 billion) in the period in question due due to the decline in sales volume and prices driven by the unstable global steel market conditions, while its operating profit totaled KRW 34 billion ($29.1 million), decreasing by 85.4 percent quarter on quarter and by 66.6 percent year on year.

In the third quarter, the company’s finished steel production amounted to 5.15 million mt, decreasing by 7.8 percent quarter on quarter and by 1.6 percent year on year, while its steel sales volume totaled 5.13 million mt, down by 11.7 percent quarter on quarter and by 4.6 percent year on year.


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