SMM7 March 29: a few days ago, South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for the second quarter of this year. Hyundai made a net loss of 13 billion won ($10.8 million) in the second quarter, compared with a net loss of 115 billion won in the first quarter and a net profit of 51 billion won in the second quarter of 2019, according to the report.
Meanwhile, the company's sales revenue fell 11.8% from a month earlier and 26.2% from a year earlier to 4.11 trillion won ($3.42 billion), while operating profit totaled 14 billion won ($11.66 million). The operating loss in the first quarter was 30 billion won, compared with an operating profit of 233 billion won in the second quarter of last year.
According to the company's statement, profits improved slightly compared with the previous month, despite a drop in sales due to the closure of overseas subsidiaries. In the second quarter of this year, the company produced 4.69 million tons of finished steel, down 7.85 per cent from the previous quarter and 15.95 per cent from the same period last year. Its steel sales were 4.67 million tonnes, down 7.89 per cent from the previous quarter. An increase of 19.6% over the same period last year.
Hyundai Steel said global steel demand is expected to decline due to the global economic downturn and uncertainty. Hyundai Steel also expects demand in the construction and automotive industries to recover due to a pick-up in investment and car production. Hyundai Steel points out that despite the rise in global steel prices, the pace of recovery in demand is still limited.
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