News Room - Steel Industry

Posted on 22 Oct 2015

Hyundai Steel Q3 net profit plunges 79.4 pct

South Korea's No. 2 steelmaker, Hyundai Steel Co., said Thursday its third-quarter earnings plummeted 79.4 percent from a year earlier as the company struggled amid an industry-wide slump.

Net profit came to 26.12 billion won (US$22.98 million) in the July-September period on a consolidated basis, compared to 130.12 billion won from a year ago, the company said in its regulatory filing.

Operating profit also dipped 12 percent on-year to 330.89 billion won over the cited period, while sales edged up 1.9 percent to 4.08 trillion won, it said.