Posted on 02 Nov 2022
In the third quarter, South Korea’s second largest steelmaker Hyundai Steel reported halved income and profits on a year-on-year basis, but the accumulative value still managed to grow year-to-date, Kallanish observes from filings to the Korea Exchange (KRX).
Quarterly operating income was down 54.9% on-year at KRW 373 billion ($263 million), taking ytd income to KRW 1.89 trillion, up 13% from a year earlier. Sales were KRW 7 trillion and KRW 21.36 trillion in Q3 and nine months through September, up 19.4% and 30.2% y-o-y respectively.
Profits for Q3, meanwhile, amounted to KRW 263.8 billion, 53.4% lower than the June quarter and 55.7% lower y-o-y. But the figure over January-September was KRW 1.32 trillion, hiking 12.9% from the same period of 2021.
Hyundai Steel attributed the downbeat performance to a fall in prices of key products and increased costs. Demand is expected to remain weak due to an economic slowdown, aggressive monetary tightening and a slump in the construction and real estate sectors.
Source:Kallanish
