SEOUL, July 28 (UPI) — Major South Korean companies Hyundai Steel and LG Energy Solution turned a profit during the second quarter of this year.

Hyundai Steel, the country’s No. 2 iron maker, announced last week that it posted $4.3 billion in sales during the April-June period, with an operating profit of $74 million. The company suffered a loss over the previous two quarters.

“During the second half of this year, Chinese steel exports are expected to decline further due to supply restrictions in the country,” NH Investment & Securities analyst Lee Jae-kwang noted in a market report.

“The anti-dumping tariffs on Chinese heavy plate steel are also projected to have a positive effect on Hyundai Steel,” he said. In April, South Korea levied tariffs of up to 38% on Chinese heavy plate steel for four months.

LG Energy Solution, a rechargeable battery maker, said Friday that the Seoul-based corporation recorded revenue of $4 billion in the second quarter, with an operating profit of $356 million. The company was profitable for the first time in six quarters.

“We succeeded in turning a profit even excluding the [U.S.] Inflation Reduction Act tax credits, thanks to an increased share of high-margin products and projects manufactured in North America,” LG Energy Solution CFO Lee Chang-sil told a conference call.

He said that the company would try to improve profits later this year by boosting the production of batteries for energy storage systems.

LG Energy Solution has received tax credits under the Inflation Reduction Act for running and building battery plants in the United States.

Also included in other turnaround companies in the second quarter were Hotel Shilla, an operator of luxury hotels and duty-free shops, and brokerage house Woori Investment Securities.