Hyundai Steel reports higher net profit for Q2 amid increased sales volumes

2 August, 2023 by

Hyundai Steel (Hyundai), the South Korean steelmaker, has released its financial results for the second quarter of this year. During this period, the company achieved a net profit of KRW 293.5 billion ($228.35 million), marking a significant increase of 34.8 percent compared to the previous quarter. This growth was primarily attributed to higher sales volumes of steel products, driven by increased demand from the automobile industry. As a result, Hyundai Steel's sales revenues also saw a notable rise, reaching KRW 7.14 trillion ($5.55 billion), which represents an 11.7 percent increase quarter on quarter.

Additionally, the company's operating profit showed impressive growth, rising by 39.3 percent compared to the preceding quarter, totaling KRW 465.1 billion ($361.87 million).

Looking ahead, Hyundai Steel has ambitious plans for the future. It aims to invest KRW 150 billion in existing electric arc furnaces by 2025, with the objective of producing low-carbon steel, aligning itself with eco-friendly practices.

Despite facing a slowdown in construction activities this year, the company remains optimistic and plans to enhance profitability in the second half of the year. This will be accomplished by focusing on strengthening product sales, particularly in the automotive and shipbuilding sectors, which are expected to experience improved demand.

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