Yonhap reported that Dongkuk Steel Mill Co has swung to loss in the third quarter of 2011 from a year earlier mainly due to low steel prices and currency loss.

As per report, net loss reached KRW 211 billion in the July to September 2011 period as compared with a profit of KRW 94 billion a year earlier.

Sales declined by 2.7% YoY to KRW 2.04 trillion over the cited period, and the steelmaker also suffered an operating loss of KRW 56.5 billion.

The steelmaker attributed the third-quarter loss to depressed steel prices and a weak currency.

In the first three quarters of the year, the company logged a net profit of KRW 46.1 billion on sales of KRW 6.61 trillion.

(Sourced from www.yonhapnews.co.kr)