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 596 billion ($506.43 million) for the third quarter this year, compared to a net profit of KRW 353 billion in the second quarter.
Meanwhile, in the third quarter this year, the company’s sales revenues increased by 4.3 percent quarter on quarter and rose by 31.4 percent year on year to KRW 5.86 trillion ($4.97 billion), while its operating profit totaled KRW 826 billion ($701.82 million), compared to an operating profit of KRW 545 billion in the second quarter and an operating profit of KRW 33 billion in the third quarter of the previous year.
In the third quarter this year, the company’s finished steel production amounted to 4.62 million mt, increasing by 1.9 percent year on year and down by 0.6 percent quarter on quarter, while its steel sales volume totaled 4.54 million mt, down by 6.2 percent year on year and by 9.7 percent quarter on quarter. According to the company’s statement, production and sales decreased compared to the second quarter due to seasonality.
According to the company, the global steel demand recovery is expected to continue despite shrinking demand in China. The company expects the global economic recovery to slow down slightly due to supply disruptions and rising inflation. Hyundai Steel said it also expects the construction and auto demand recovery to continue. Regarding raw material and steel prices, the company said that iron ore prices will remain weak as steel production in China decreases and coal prices will be strong amid the supply disruption in China. The company stated that it expects steel prices to stabilize down due to seasonality.