Penny pinching puts Hyundai Steel $212M in the clearHyundai Steel, Korea’s second-largest steelmaker, said yesterday it swung to a profit in the third quarter thanks to cost-cutting efforts.
Net profit reached 232.9 billion won ($212.5 million) in the three months ended Sept. 30, compared with a net loss of 136.9 billion won a year ago, Hyundai Steel said in a regulatory filing.
Sales, however, fell 9.06 percent on-year to 3.4 trillion won in the period, and operating profit fell 19.4 percent to 230 billion won.
Hyundai Steel said decreased sales stemming from a prolonged global economic slump sent operating profit falling from a year earlier.
The steelmaker saved 171.9 billion won in costs in the July-September period by squeezing its budget and building up a raw material provision system.