Hyundai Steel Reports Strong Profits in Q1 of 2021
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Hyundai Steel Reports Strong Profits in Q1 of 2021

South Korea's No 2 steelmaker Hyundai Steel Co has swung to the black in the first quarter from a year earlier on strong sales amid the global economic

South Korea's No 2 steelmaker Hyundai Steel Co has swung to the black in the first quarter from a year earlier on strong sales amid the global economic recovery from the COVID-19 pandemic. For the three months that ended March 31, Hyundai Steel posted a net profit of KWR 219.9 billion (USD 198 million), shifting from a loss of KWR 115.4 billion a year earlier. The company said price hikes of its products gave a boost to the quarterly bottom line on strong demand for steel used in cars, ships and construction.

Operating profit for the January-March quarter came to KWR 303.9 billion, also shifting from an operating loss of KWR 29.7 billion won a year earlier. The operating profit was 70% higher than the average estimate.

Sales rose 5.6% YoY to KWR 4.92 trillion

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