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(LEAD) Hyundai Steel shifts to Q2 loss on pandemic

All News 15:36 July 28, 2020

(ATTN: REWRITES throughout)

SEOUL, July 28 (Yonhap) -- Hyundai Steel Co., South Korea's second-biggest steelmaker by sales, said Tuesday it shifted to a net loss in the second quarter from a year earlier due to the new coronavirus outbreak.

Hyundai Steel swung to a net loss of 12.9 billion won (US$10.7 million) in the April-June quarter from a net profit of 51.1 billion won in the year-ago period, the company said in a statement.

"A sharp decline in demand from carmakers, shipbuilders and other customers affected the quarterly bottom line," a company spokesman said over the phone.

(LEAD) Hyundai Steel shifts to Q2 loss on pandemic - 1

Hyundai Steel earns 35 percent of its overall sales from captive buyers such as Hyundai Motor Co. and Kia Motors Corp. The three companies are affiliates of Hyundai Motor Group.

Operating profit plunged 94 percent to 14 billion won in the second quarter from 232.6 billion won a year ago. Sales fell 26 percent to 4.11 trillion won from 5.57 trillion won over the cited period.

From January to June, the steelmaker swung to a net loss of 128.4 billion won from a net profit of 165.1 billion won in the year-ago period.

It also shifted to an operating loss of 15.7 billion won in the first half from an operating profit of 445.1 billion won a year ago. Sales fell 18 percent to 8.78 trillion won from 10.64 trillion won.
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