SeAH Steel Holdings, 3Q Operating Profit 21.7 Billion KRW... Up 4.5% YoY

[Asia Economy Reporter Yoonju Hwang] SeAH Steel Holdings announced on the 16th that its consolidated operating profit for the third quarter of this year reached 21.7 billion KRW, a 4.5% increase compared to the same period last year. During the same period, sales decreased by 22.7% to 536.1 billion KRW, while net profit increased by 8.9% to 17.4 billion KRW.

Compared to the previous quarter, operating profit rose by 68.5%, net profit surged by 812.7%, and sales declined by 2.6%.

SeAH Steel Holdings explained, "Operating profit slightly improved year-on-year due to securing profitability from project orders by domestic and overseas subsidiaries despite sluggish sales of products for the North American market. Sales decreased due to the global pandemic situation and low oil price trends, which led to reduced demand in North America, deteriorating performance of overseas subsidiaries (SSA, SSUSA), and a sharp decline in projects in the Middle East."

In the case of SeAH Steel, on a separate basis, operating profit was 17.5 billion KRW, a 209.4% increase compared to the same period last year. Sales during the same period decreased by 2.6% to 279.3 billion KRW, and net profit increased by 84.5% to 12.2 billion KRW. SeAH Steel plans to implement an active sales strategy, including price increases, to counteract performance deterioration caused by rising raw material costs. Additionally, it intends to strengthen strategies to enhance competitiveness in offshore wind power and expand sales of STS steel pipes for global LNG projects.

Overseas operations will further strengthen market research and marketing activities to sell steel pipes for North American energy and various other industries, and will enhance domestic market sales capabilities through quality certification activities while expanding sales in markets outside North America.

SeAH Steel Holdings stated, "Reflecting the ongoing global pandemic outlook and international situations, we will flexibly adjust the portfolio of our global business structure and establish profit-generating sales strategies for each corporation in the 2021 business plan."

This content was produced with the assistance of AI translation services.