Hyundai Steel posted a 34,8 percent net profit increase in the second quarter
Steelmaker Steel posted a 34,8 percent net profit increase in the second quarter. The company's net profit was KRW 293,5 ($228,35 million) quarter-on-quarter. Sales revenues also increased by 11,7% quarter-on-quarter to KRW 7,14 trillion ($5,55 billion).
The increase in demand from the automotive sector was the main driver of Steel's performance in the second quarter. The company produces steel for the automotive industry and demand from this industry has been increasing in recent years.
Steel also announced that it will invest KRW 2025 billion in existing electric arc furnaces by 150 to produce low carbon steel. The company said this investment will help reduce its carbon footprint and produce more environmentally friendly steel.
Steel's performance in the second quarter signals positive about the company's future growth. The company hopes that the increase in demand from the automotive industry will continue and its investment in low carbon steel production will bear fruit.
