South Korean Hyundai Steel announced that its sales revenues in the third quarter totaled 3.406 billion won, falling by 9.3% year on year.
However, the firm's net profits increased by 25.2% from a quarter ago to reach 232 million won.
Meanwhile, Hyundai Steel's sales volumes of steel products totaled 3.959 million tons, falling by 8.9% quarter on quarter, including 2.216 million tons of steel flat products and 1.743 million tons of steel long products, decreasing by 4.6% and 13.8% quarter on quarter respectively.
Hyundai Steel said that the decreased sales volumes were caused by weak export market and the firm's annual maintenance in the period.
Even though the sales volumes dropped, the increased sales volumes of high value-added products helped to firm to gain profits.
In the third quarter of this year, Hyundai Steel's production of finished steel products totaled 3.913 million tons, falling by 7.5% from a quarter ago.
Among them, 2.194 million tons were steel flat products, declining by 5.2%; 1.719 million tons were steel long products, falling by 10.1%, both compared to that in a quarter earlier.