Dongkuk Steel Q1 Operating Profit 56.2 Billion KRW... Up 16.3% YoY

[Asia Economy Reporter Hwang Yoon-joo] Dongkuk Steel announced on the 15th that its consolidated operating profit for the first quarter of this year reached 56.2 billion KRW, a 16.3% increase compared to the same period last year. During the same period, sales amounted to 1.2284 trillion KRW, a 10.7% decrease, and net loss turned to a deficit of 120.8 billion KRW.

Compared to the previous quarter, operating profit turned positive, sales decreased by 9.6%, and net loss continued.

Dongkuk Steel explained that although sales shrank due to decreased sales volume caused by the spread of COVID-19 and the prolonged steel market downturn since last year, operating profit improved through intensive cost reduction and expansion of sales focused on high value-added products.

On a separate basis, operating profit recorded 48.1 billion KRW, achieving a turnaround to profit compared to the previous quarter (a 59.3% increase compared to the same period last year). Sales were 1.1144 trillion KRW, down 8.5% from the previous quarter (down 9.5% compared to the same period last year), and net loss continued at 7.2 billion KRW compared to the previous quarter.

In the second quarter, as the impact of the continued spread of COVID-19 is expected to become more visible in both domestic and overseas steel markets, Dongkuk Steel plans to prepare by implementing flexible production and sales operations and strengthening profitability-focused sales.

This content was produced with the assistance of AI translation services.