South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for the first quarter this year.
Accordingly, Hyundai Steel has posted a net loss of KRW 115 billion ($3.82 billion) for the first quarter, compared to a net loss of KRW 74 billion in the last quarter of the previous year and a net profit of KRW 114 billion in the first quarter of 2019. According to the company’s statement, its loss was due to sluggish operations in China.
Meanwhile, the company’s sales revenues fell by 3.2 percent quarter on quarter and by eight percent year on year to KRW 4.67 trillion ($115.18 billion) in the period in question, while its operating loss totaled KRW 30 billion ($997.21 million), compared to an operating loss of KRW 148 billion in the last quarter and a operating profit of KRW 212 billion in the first quarter of the previous year.
In the first quarter this year, the company’s finished steel production amounted to 5.09 million mt, decreasing by 1.1 percent quarter on quarter and by 4.5 percent year on year, while its steel sales volume totaled 5.08 million mt, down by 0.9 percent quarter on quarter and by 3.1 percent year on year.
According to the company, global steel demand has fallen due to the slump in industry, but though it expects a recovery based on strong stimulus measures and an easing of the pandemic.