Hyundai Heavy Q3 Profit Drops

·        Higher steel costs weigh on margins

·        Outlook weakens but top players set to weather downturn

Hyundai Heavy Industries Co Ltd 009540.KS reported on Oct 30 that its quarterly net profit fell by a third, hit by rising raw materials costs and losses from the weaker won.

The shipbuilding industry faces declining orders and falling shipping demand amid a deepening global downturn. Margins are set to fall with new ship prices turning lower and raw material prices rising.

(Source: Reuters)