South Korea’s second largest steel maker Hyundai Steel reported its third-quarter net profit of KWR 263.8 billion (USD 186 million), down 56% YoY. Operating profit for the July-September period was KWR 373 billion, down 55%. Sales rose 19% YoY to KWR 6.99 trillion. Hyundai Steel attributed the downbeat performance to a fall in prices of key products and increased costs. Hyundai Steel expects demand to remain weak due to an economic slowdown, aggressive monetary tightening and a slump in the construction and real estate sectors.
South Korea’s second largest steel maker Hyundai Steel reported its third-quarter net profit of KWR 263.8 billion (USD 186 million), down 56% YoY. Operating profit for the July-September period was KWR 373 billion, down 55%. Sales rose 19% YoY to KWR 6.99 trillion. Hyundai Steel attributed the downbeat performance to a fall in prices of key products and increased costs. Hyundai Steel expects demand to remain weak due to an economic slowdown, aggressive monetary tightening and a slump in the construction and real estate sectors.
