South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for the third quarter this year.
Accordingly, Hyundai Steel has posted a net profit of KRW 18 billion ($12.59 million) for the third quarter this year, compared to a net profit of KRW 16 billion in the same period last year, while its sales revenues increased by 1.9 percent year on year to KRW 5.73 trillion ($4 billion). In the given period, the company’s operating profit amounted to KRW 93 billion ($65.05 million) compared to KRW 52 billion in the same quarter last year, thanks to an improved product mix and lower raw material costs despite weaker sales.
The company has strengthened its global footprint with a new Indian facility, digital transformation initiatives with AWS, and progress in decarbonization projects. Hyundai Steel has begun commercial production at its new steel service center in Pune, India, with an annual capacity of 250,000 mt.