South Korean steelmaker Hyundai Steel has issued its financial results for the first quarter of 2010, stating that the good results during the first quarter were based on growth of HRC sales and strong measures taken to reduce cost considerably.
According to the financial results, the operating profit of the company in the first quarter of this year was KRW 132 billion ($119 million) with a year-on-year increase of 37.6 percent. Sales revenues in the first quarter saw an increase of 8.8 percent, rising to KRW 2.02 trillion ($1.81 billion), compared to the first quarter of 2009.
Hyundai Steel expects the second quarter to show an improvement over its first quarter results. With the commercial operation of its No.1 blast furnace having started in April, the company expects a growth in HRC and plate sales. In addition, the recovery of the construction industry will boost long product sales, Hyundai said.