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 1.4 billion ($1.01 million) for the second quarter this year, compared to a net profit of KRW 293.5 billion in the same period last year, while its sales revenues decreased by 10.2 percent year on year to KRW 6.41 trillion ($4.63 billion). The sales revenues in the second quarter increased by KRW 93.6 billion compared to the previous quarter due to increased sales volume.
In the given period, the company’s operating profit amounted to KRW 98 billion ($70.82 million) compared to KRW 465.1 billion in the same quarter last year. Operating profit increased by KRW 42.2 billion compared to the previous quarter due to a decline in raw material prices and improved performance of subsidiaries despite the continued slowdown in the steel market.
The company plans to expand sales in global markets to improve profitability despite the difficult business environment, while strengthening its business competitiveness through new investments in the high-growth Indian market.