South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for the first quarter this year.
Accordingly, in the given quarter, the company posted a net profit of KRW 32.2 billion ($23.75 million), compared to a net loss of KRW 198 billion in the previous quarter and a net profit of KRW 218 billion in the first quarter of 2023, while its sales revenues declined by 2.6 percent quarter on quarter and by 6.9 percent year on year to KRW 5.95 trillion ($4.39 billion).
Meanwhile, Hyundai’s operating profit came to KRW 56 billion ($41.33 million), compared to an operating loss of KRW 229 billion in the fourth quarter of 2023 and an operating profit of KRW 334 billion in the same quarter of last year.
In the first quarter, the company’s total steel sales volume amounted to 4.34 million mt, down by 1.5 percent quarter on quarter and by 7.6 percent year on year, due to its decision to create a pipe subsidiary.
Also, Hyundai stated that it plans to complete the modernization of its heavy plate mill at Dianjing in the fourth quarter of this year. As part of the modernization works, the company will increase the production capacity of the mill, reducing reliance on imports.