Hyundai Steel reported an operating profit of 101.8 billion won in the second quarter of this year, up 3.9% from 98 billion won during the same period last year, according to a disclosure on the 24th. It turned a profit after a loss of 19 billion won in the previous quarter. Sales amounted to 5.9456 trillion won, down 1.6% compared to the same period last year, while net profit increased by 2,571.4% to 37.4 billion won.
Hyundai Steel said, “While there was sluggish demand in the first half, improvement is expected in the second half due to reductions in steel production in China and the implementation of stimulus measures.” Hyundai Steel plans to enhance its competitiveness by strengthening its electric furnace-blast furnace hybrid process investments and high-value-added product portfolio in the second half.
It will also strengthen marketing targeted at overseas finished vehicle manufacturers. The company plans to expand strategic partnerships with overseas customers and target the European market.