Hyundai Steel reports third-quarter net loss

Hyundai Steel said its net loss increased in the third quarter from a year earlier due to higher raw material costs.

Net loss for the July-September quarter increased to US $ 56 million from 38.1 billion Kuvalov won a year earlier. Sales in the third quarter were down 3.6 percent from a year ago, while operating income was down 66.6 percent from the same period last year.

Hyundai Steel said that rising commodity prices weighed its bottom line as the company struggled to reflect the price increases in its products.

The steelmaker added that its profitability was also affected by weak sales of beams, rebar and bars due to the downturn in the construction industry.