Hyundai Steel's Q3 net more than doubles

SEOUL, Nov. 3 (Yonhap) -- Hyundai Steel Co., South Korea's No. 2 steelmaker, said Monday that its third-quarter earnings more than doubled on brisk exports and higher prices.

Its net profit reached 220 billion won (US$170 million) in the July-September
period, compared with 102 billion won a year earlier, the company said in a
regulatory filing.
Operating income surged 244 percent to 445 billion won over the cited period, and
sales increased 87 percent to 3.27 trillion won, it said.
In July, Hyundai Steel raised prices of hot-rolled steel coils and other products
by more than 70 percent, and sales to the Middle East and Southeast Asia
increased sharply. But overall, demand for steels has been decreasing amid a
global economic downturn.
Shares of Hyundai Steel were trading at 37,800 won on the Seoul bourse as of
11:00 a.m., up 3.28 percent.