[Ferro-Alloys.com]According to report, South Korea’s second largest steelmaker, Hyundai Steel said that the company turned to gain profits in the third quarter on lower costs.

Hyundai Steel posted a net profit of 232.9 billion won (USD212.5 million) from a net loss of 136.9 billion won in the same period of last year.

However, its sales dropped by 9.06% year-on-year to 3.4 trillion won and its operating profit decreased by 19.4% to 230 billion won.

The steel sales were affected by global economic slowdown. But the company cut its costs by 171.9 billion won in the July-September quarter on lower its budget and set up a raw material supply system. It will save about 500 billion won for this year.

The company also said that it will commission its third furnace in September 2013 as it already completed about 69.1%.