Hyundai Steel Co., South Korea's second-largest steel company in terms of sales, said Friday that, due to lower demand in China, its net profit fell 46 percent in the second quarter from the previous year.
"As shipments of automotive steel to Hyundai Motor Co and Kia Motors Corp's (China) plants plummeted, quarterly profits plummeted," a company spokeswoman said.
Hyundai Motor and Kia Motors are the metallurgical company's two main buyers of high quality automotive steel products. Hyundai Steel earns about 30 percent of its total sales from deals with two automakers.
In addition, higher prices for iron ore and coking coal, the two main raw materials used to make steel, are also reflected in our second-quarter profit margins, she said.
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Metallurgy news
- 30 June 2025
19:00 Main metric capitalization: 577M (a year ago was 3 times more) 18:00 In 2025, China, the world leader in the production of alumina, increased its export to Russia by 16% to the level of 2024. In May, Russia purchased a record 183 thousand 12:00 Evraz received the OFSI license to sell the North American business 11:00 The program "Factory of Ideas" celebrated the 13th anniversary 10:00 "Sword" - salvation of drowning 10:00 However, while reducing coal production in the Russian market continues, the ruble will weaken and the key interest rate will decrease further. 08:00 The cost of electricity for industrial companies from July 1 will increase by more than 20% due to increased sales allowance 08:00 CMACP has identified sectors of the Russian economy that are under financial stress
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