South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for the first quarter this year.
Accordingly, Hyundai Steel has posted a net profit of KRW 218 billion ($165.38 million) for the first quarter this year, compared to a net loss of KRW 280 billion in the fourth quarter last year and a net profit of KRW 488.1 billion in the first quarter of 2022, due to rising raw material and energy costs.
Meanwhile, in the given quarter, the company’s sales revenues increased by 6.6 percent quarter on quarter and fell by 8.6 percent year on year to KRW 6.38 trillion ($4.84 billion), while its operating profit totaled KRW 334 billion ($253.39 million), compared to an operating loss of KRW 276 billion in the fourth quarter and an operating profit of KRW 697 billion in the first quarter of the previous year.
In the first quarter this year, the company’s finished steel production amounted to 4.63 million mt, decreasing by 1.9 percent year on year and increasing by 37.3 percent quarter on quarter, while its steel sales volume totaled 4.7 million mt, down by 5.2 percent year on year and up by 19.5 percent quarter on quarter. Production and sales increased on quarter-on-quarter basis due to normalized operations following the resolution of a labor strike in the previous quarter.