South Korea's second largest steel maker Hyundai Steel has reported 61% surge in consolidated net profit to KRW 567 billion (USD 433) in April-June 2022 quarter as compared to KRW 353 billion in April-June 2021. Operating income also rose by 52% YoY to KRW 822 billion as sales spiked by 31% YoY to KRW 7.38 trillion. Hyundai Steel has attributed the improved performance to strong demand for steel plates used for autos and ships and a rise in prices of key products.Hyundai Steel said that it would focus on beefing up the production of high-priced steel and sales this year, expecting that demand from the construction sector and the auto making sector may decline due to increased costs and a parts supply shortage.Hyundai Steel is headquartered in Incheon and Seoul in South Korea and is a member of the Hyundai Motor Group. It manufactures a wide variety of products ranging from H-beams, rail and reinforcing bars, to hot coil, cold-rolled steel, and stainless cold-rolled sheet etc.
South Korea's second largest steel maker Hyundai Steel has reported 61% surge in consolidated net profit to KRW 567 billion (USD 433) in April-June 2022 quarter as compared to KRW 353 billion in April-June 2021. Operating income also rose by 52% YoY to KRW 822 billion as sales spiked by 31% YoY to KRW 7.38 trillion. Hyundai Steel has attributed the improved performance to strong demand for steel plates used for autos and ships and a rise in prices of key products.Hyundai Steel said that it would focus on beefing up the production of high-priced steel and sales this year, expecting that demand from the construction sector and the auto making sector may decline due to increased costs and a parts supply shortage.Hyundai Steel is headquartered in Incheon and Seoul in South Korea and is a member of the Hyundai Motor Group. It manufactures a wide variety of products ranging from H-beams, rail and reinforcing bars, to hot coil, cold-rolled steel, and stainless cold-rolled sheet etc.
