Hyundai Steel disclosed on the 30th that in the third quarter of this year it posted sales of 5.7344 trillion won and operating profit of 93.2 billion won. Compared with a year earlier, sales rose 2% and operating profit increased 81%. Net profit came to 17.8 billion won, returning to the black.
Third-quarter sales fell 3.6% from the previous quarter, but operating profit held at the prior-quarter level. Hyundai Steel said this was the result of lower materials and supplies prices and a higher share of sales from high value-added products such as automotive steel sheets.
Hyundai Steel plans to bolster global sales capabilities and enhance competitiveness by developing new high value-added products to secure profitability. A Hyundai Steel official said, "Although sales decreased as the construction market slowdown persisted, results are expected to improve gradually once the effects of trade responses to low-priced imports are reflected starting in the fourth quarter."