Seoul: Hyundai Steel, South Korea's second-largest steelmaker and a key entity within the Hyundai Motor Group, announced on Monday a significant drop in its second-quarter net profit. The company reported a net profit of 12.1 billion won (approximately US$8.5 million), marking a 67.6 percent decrease from the same period last year.

According to Yonhap News Agency, the company's regulatory filing revealed that its operating profit for the April-June period also saw a downturn, falling 43.3 percent year-on-year to 57.7 billion won. Despite the decrease in profits, Hyundai Steel's revenue experienced a slight increase of 2.7 percent, reaching 6.1 trillion won.

Interestingly, the earnings surpass market predictions, as the net profit was higher than analysts' average estimate of 10.1 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. This outcome highlights the resilience of the company amidst challenging economic conditions.