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Hyundai Steel Reports Q2 Results

Steel News - Published on Wed, 29 Jul 2020

Image Source: Hyundai Steel Coronavirus COVID19
South Korea’s second-largest steel maker Hyundai Steel Co announced Tuesday that it reported 4.11 trillion won in consolidated sales in the second quarter, down 26.2 percent on-year. It reported a 14 billion won operating profit, down 94 percent on-year, but up from 29.7 billion won in operating losses in the first quarter. It swung to 12.9 billion won in net loss from 51.1 billion won in net profit in the same period last year, but the net loss shrunk by 88.8 percent from the first quarter.

Hyundai Steel said “Sales generated from shaft furnaces slowed down due to the stagnation in demand from automobile and shipbuilding industries as a result of Covid-19. Having a diverse portfolio, including steel bars and beams used for construction, helped Hyundai Steel drive up its operating profit.”

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Posted By : Yogender Pancholi on Wed, 29 Jul 2020
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