South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for the second quarter this year.
Accordingly, Hyundai Steel has posted a net profit of KRW 37.4 billion ($26.88 million) for the second quarter this year, compared to a net profit of KRW 1.4 billion in the same period last year, while its sales revenues decreased by 1.6 percent year on year to KRW 5.94 trillion ($4.27 billion). The recovery in the sales revenue compared to the previous quarter was limited to KRW 382.1 billion due to lower long steel prices.
In the given period, the company’s operating profit amounted to KRW 101.8 billion ($73.15 million) compared to KRW 98 billion in the same quarter last year. KRW 19 billion of operating loss in the previous quarter turned into profit in the second quarter, showing an increase of KRW 120.8 billion on the back of increased sales volumes and lower raw material prices.
The company stated that it is preparing for increased demand for products with reduced carbon emissions by investing in a process which uses BF and EAF-based production together and expanding its testing operations. It added that it maintains its commitment on expanding sales of high-value automotive steel sheets in foreign markets.
