Yonhap reported that Dongkuk Steel Mill Co swung to the black in the second quarter from a year earlier largely thanks to increased prices and output.

Net profit reached KRW 108 billion in the April to June 2011 period as compared with a loss of KRW 11 billion a year earlier. Sales surged 21% to KRW 1.58 trillion over the cited period and operating income more than tripled to KRW 143 billion.

The steelmaker said increased prices of steel goods such as ship plates helped boost the second-quarter earnings. Also, increased demand for high priced products contributed to the better than expected bottom line.

In May 2010, the steelmaker started operating its third plant in the southwestern coastal city of Dangjin, about 120 kilometers southwest of Seoul, which has an annual production capacity of 1.5 million tonnes of steel plates for ships.

(Sourced from www.yonhapnews.co.kr)