SEOUL, July 28 (UPI) -- Major South Korean companies Hyundai Steel and LG Energy Solution turned a profit during the second quarter of this year.
Hyundai Steel, the country's No. 2 iron maker, announced last week that it posted $4.3 billion in sales during the April-June period, with an operating profit of $74 million. The company suffered a loss over the previous two quarters.
"During the second half of this year, Chinese steel exports are expected to decline further due to supply restrictions in the country," NH Investment & Securities analyst Lee Jae-kwang noted in a market report.
"The anti-dumping tariffs on Chinese heavy plate steel are also projected to have a positive effect on Hyundai Steel," he said. In April, South Korea levied tariffs of up to 38% on Chinese heavy plate steel for four months.
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