Hyundai Steel, South Korea's second-biggest steel maker, said on Wednesday that domestic long steel market conditions have improved but have yet to bottom out as construction activity remained subdued. Hyundai's profitability has improved steadily after being near break even in January, as it has increased production and prices also slightly recovered, its senior vice president said at the Reuters Global Mining and Steel Summit in Seoul. "Being a dominant player in the domestic construction steel sector, we've been badly hit by the current downturn, but demand is improving and inventory is also back to an appropriate level but it's too early to say if the market has bottomed out," said Kim Sang-gyu, management planning division director.
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