Dongkuk Steel Reports Q3 Results

Image Source: steelguru.com

South Korea's third-largest steelmaker Dongkuk Steel Mill Co said that its net losses widened in the third quarter from a year earlier due to losses from equity ties with a struggling Brazilian plant. Net loss for the July-September quarter deepened to KWR 60.1 billion (USD 51 million) from KWR 8.3 billion a year earlier. Sales dropped 4.7% YoY to reach KWR 1.4 trillion in the third quarter on a consolidated basis, but operating profit increased 7.7% YoY to KWR 56.7 billion.

Dongkuk Steel said losses from its equity ties with Companhia Siderurgica do Pecem steel mill in Brazil dragged down its third-quarter bottom line. CSP posted an operating loss of 19.8 billion won in the third quarter due to a slump in its slab business. Dongkuk Steel owns a 30-percent stake in CSP.

In the first nine months, Dongkuk Steel's losses amounted to KWR 38.8 billion. Sales reached KWR 4.3 trillion, while its operating profit was tallied at KWR 184.2 billion

Source : Strategic Research Institute, SteelGuru