On October 28, South Korean steelmaker Hyundai Steel issued its financial results for the third quarter of 2010, reporting increased revenues and operating profit.
According to the financial results, the net profit of Hyundai Steel in the third quarter of this year was KRW 260.8 billion ($233.1 million), with a year-on-year decrease of 54.4 percent but up 55.1 percent as compared to the previous quarter. Sales revenues in the third quarter saw an increase of 26.4 percent year on year, rising to KRW 2.59 trillion ($2.32 billion), up 4.8 percent quarter on quarter. The operating profit of the company in the third quarter of this year was KRW 206.6 billion ($184.9 million), with a year-on-year increase of 30.4 percent but down 40.4 percent as compared to the previous quarter.
The company said that the main reasons for the increase of revenues and operating profit during the quarter despite the drop in the sales of long products (rebar and H-beam) were the rise in the sales of HRC and heavy plate supported by the early stabilization of the operations of blast furnace No. 1, as well as successful cost reduction efforts.