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 84 billion ($62.7 million) for the third quarter this year, compared to a net profit of KRW 17.8 billion in the same period last year, while its sales revenues increased by 1.9 percent year on year to KRW 5.89 trillion ($4.39 billion). In the given period, the company's operating profit amounted to KRW 87 billion ($64.9 million) compared to KRW 93 billion in the same quarter last year.
According to the statement, although revenue declined quarter on quarter due to seasonal factors and holidays, profitability improved as a result of higher selling prices for major steel products and an increased share of high-value-added products, including automotive steel sheets, in its sales mix.
Hyundai Steel expects its profitability to improve further in the fourth quarter, supported by the full impact of price increases for major steel products and an anticipated downward stabilization in key raw material prices.
