Seoul:Hyundai Steel Co., a prominent player in South Korea's steel industry, announced a significant increase in its third-quarter net income, reaching 84 billion won (US$62.8 million), marking a 371.9 percent rise from the same period last year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter was 87.1 billion won, slightly down from 93.2 billion won the previous year. Additionally, Hyundai Steel's sales experienced a modest growth of 2.8 percent, totaling 5.89 trillion won.

These earnings figures surpassed market expectations, as analysts had projected an average net profit of 23.3 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.