South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for the first quarter this year.
Accordingly, Hyundai Steel has posted a net profit of KRW 488.1 billion ($384.49 million) for the first quarter this year, compared to a net profit of KRW 336.8 billion in the fourth quarter last year and a net profit of KRW 219.9 billion in the first quarter of 2021.
Meanwhile, in the first quarter this year, the company’s sales revenues increased by 8.2 percent quarter on quarter and rose by 41.6 percent year on year to KRW 6.97 trillion ($5.49 billion), while its operating profit totaled KRW 697 billion ($549.39 million), compared to an operating profit of KRW 772 billion in the fourth quarter and an operating profit of KRW 304 billion in the first quarter of the previous year.
In the first quarter this year, the company’s finished steel production amounted to 4.72 million mt, increasing by 4.8 percent year on year, while its steel sales volume totaled 4.96 million mt, up by 0.8 percent year on year.