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 293.5 billion ($228.35 million) for the second quarter this year, up by 34.8 percent quarter on quarter, due to an increase in sales volumes of steel products amid higher demand from the automobile industry, while its sales revenues increased by 11.7 percent quarter on quarter to KRW 7.14 trillion ($5.55 billion).
In the given period, the company’s operating profit rose by 39.3 percent compared to the previous quarter to KRW 465.1 billion ($361.87 million).
Hyundai Steel stated that it will invest KRW 150 billion in existing electric arc furnaces by 2025 to produce low-carbon steel.
The company plans to continue to secure profitability in the second half of the year by strengthening product sales in line with improving demand for automobiles and shipbuilding despite the continued slowdown in construction activities this year.