Hyundai Steel Reports Strong Results for Q2 of 2021
South Korean steelmaker Hyundai Steel has posted a non consolidated net profit of KRW 275 billion for the second quarter this year, compared to a net profit of KRW 220 billion in the first quarter of 2021.
Revenue – KRW 4,866 billion, up by 14% QoQ & 32% YoY
Gross Profit – KRW 721 billion, up by 41% QoQ & 218% YoY
Net Profit – KRW 275 billion, up by 19% QoQ & 9067% YoY
Its net profit and sales revenues increased as global steel market recovered. In the second quarter this year, the company's finished steel production amounted to 4.66 million tonne, decreasing by 0.6% YoY, while its steel sales volume totalled 5.03 million tonne, up by 7.7 YoY, amid the recovery in the steel market.
During the quarter, Hyundai Steel started supplying cryogenic rebar, expanded sales of special steel plates for ships, develop new products to improve safety for car crash and seismic & fire in building
Supplied cryogenic rebar for LNG storage tank
Supplied cryogenic (9% Ni steel) heavy plate for LNG powered container ship
Expanded high strength steel (A/D/E 500) for LNG icebreaker
Developed 1.5G integral high tolerance hot stamping steel with Improved crash energy absorption
Anti-seismic high strength rebar (yield strength 17%)
Anti-seismic & fireproof H-beam for building( YS420Mpa)
Hyundai Steel expect economic growth be accelerated by fiscal support & vaccine distribution in advanced countries & f forecast global steel demand to be strong as downstream industries are in recovery phase