April 19, 2024

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Hyundai Steel said Oct. 29 its net loss widened in the third quarter from a year earlier due to higher raw material costs.

Its net loss for the July-September quarter deepened to 65.8 billion won ($56 million) from 38.1 billion won a year earlier, the company said in a statement.

The affiliate of Hyundai Motor Group posted 5 trillion won in sales in the third quarter, down 3.6 percent from a year ago, while operating profit plunged 66.6 percent on-year to 34.1 billion won in the same period.

Hyundai Steel said higher material costs dragged down its bottom line, while the company struggled to reflect the cost increase in its product prices. The average price of iron ore in the third quarter was $102 per ton, compared with $67 a year ago, according to industry data.

The steelmaker added that its profitability was also hit by weak sales of beams and bars due to a slump in the construction industry.

By Ram Garikipati and newswires (ram@heraldcorp.com)