Hyundai Steel Q1 net more than doubles on firm demand, higher prices

Hyundai Steel Co., South Korea's No. 2 steelmaker, said Tuesday its first-quarter net profit more than doubled from a year earlier on firm demand and price hikes.

Net income stood at 488 billion won (US$391 million) in the January-March period, compared with a net profit of 219 billion won a year earlier, the company said in a regulatory filing.

Operating income also more than doubled to 697 billion won from an operating profit of 304 billion won a year earlier, and sales spiked 42 percent on-year to 6.98 trillion won, it said.

The steelmaker attributed the improved performance to firm demand for steel plates used for autos and ships, and a rise in prices of key products.

The company said it would focus on beefing up the production of high-priced steels and their sales this year.