South Korean steel company Hyundai Steel (Hyundai) announced financial results for the third quarter of this year.
Accordingly, Hyundai Steel posted a net profit of 18 billion Korean won ($12.59 million) for the third quarter of this year, compared with a net profit of 16 billion Korean won in the same period last year, while sales revenue increased 1.9 percent year-on-year up to 5.73 trillion Korean won ($4 billion). In the period, the company's operating profit was 93 billion Korean won ($65.05 million), compared to 52 billion Korean won in the same quarter last year, driven by improved product mix and lower raw material costs despite weaker sales.
The company strengthened its global presence with a new Indian facility, digital transformation initiatives with AWS and progress in decarbonization projects. Hyundai Steel has commenced commercial production at its new service center in Pune, India, with an annual capacity of 250,000 tons.
