Hyundai Steel Q1 net more than double on high-end products

By a2016032

Published : April 27, 2017 - 17:45

Hyundai Steel Co., South Korea's second-biggest steelmaker by sales, said Thursday that its first-quarter earnings more than doubled on robust sales of high-end products and cost reduction efforts.

Net profit for the three months ended March 31 jumped to 341.11 billion won ($302 million) from 158.58 billion won a year earlier, the company said in a statement.

(Yonhap)

"To offset lower demand from carmakers and shipbuilders, the company increased sales of value-added products such as high-intensity reinforced bars," the statement said.

Operating profit climbed 30 percent to 349.68 billion won in the January-March period from 269.19 billion won a year earlier.

Sales rose 22 percent to 4.57 trillion won from 3.74 trillion won, it said. (Yonhap)