<p>South Korea's second largest steel producer Hyundai Steel announced improved financial results even despite lower operational results in July-September 2021. Hyundai Steel posted a consolidated operating profit of KRW 826 billion (USD 700 million) in Q3, up 52% quarter-on-quarter and compared to an operating profit of KRW 33 billion (USD 28 million) in Q3 2020. At the same time, net profit reached KRW 596 billion (USD 505 million) versus a net loss of KRW 45 billion (USD 38 million) in Q3 last year. The indicator of the company's profitability EBIT/t amounted to USD 154 per tonne compared to USD 5.8 per tonne in Q3 2020 and up by 65% QoQ.</p> <p>Such a significant improvement is attributed to an increase in selling prices for steel, as well as a recovery in subsidiaries’ performance, along with 'expanding high value-added product and improving special steel profitability</p> <p>Production volumes were reported at. 4.62 million t. up 2% YoY but down 1% QoQ. Meanwhile, steel sales dropped by 6.4% on the year in July-September, mainly due to seasonal issue and subcontracted workers’ strike</p>
<p>South Korea's second largest steel producer Hyundai Steel announced improved financial results even despite lower operational results in July-September 2021. Hyundai Steel posted a consolidated operating profit of KRW 826 billion (USD 700 million) in Q3, up 52% quarter-on-quarter and compared to an operating profit of KRW 33 billion (USD 28 million) in Q3 2020. At the same time, net profit reached KRW 596 billion (USD 505 million) versus a net loss of KRW 45 billion (USD 38 million) in Q3 last year. The indicator of the company's profitability EBIT/t amounted to USD 154 per tonne compared to USD 5.8 per tonne in Q3 2020 and up by 65% QoQ.</p> <p>Such a significant improvement is attributed to an increase in selling prices for steel, as well as a recovery in subsidiaries’ performance, along with 'expanding high value-added product and improving special steel profitability</p> <p>Production volumes were reported at. 4.62 million t. up 2% YoY but down 1% QoQ. Meanwhile, steel sales dropped by 6.4% on the year in July-September, mainly due to seasonal issue and subcontracted workers’ strike</p>
