The company reported that the increase in sales of value-added products, such as automotive steel, was a major factor in this increase.
Hyundai Steel announced that its net profit for the quarter ending in June increased from KRW 1.4 billion to KRW 37.4 billion (USD 27.4 million) compared to the same period last year.
A company spokesperson noted in a statement, “The increase in sales of high value-added products such as automotive steel had a positive impact on the net result.”
The company aims to increase global automotive steel sales by offering low-carbon products, especially in the European market.
Hyundai Steel also expects its profits to improve further in the second half of 2025 due to a decrease in cheap Chinese steel imports and the impact of domestic economic incentives in South Korea.
Operating profit increased by 3.9% to KRW 101.8 billion (USD 74.7 million) in the second quarter, while sales revenue decreased by 1.6% to KRW 5.94 trillion (USD 4.36 billion).
Comments
No comment yet.