SeAH Besteel, 1Q Operating Profit 38 Billion KRW... Up 253.5% YoY

[Asia Economy Reporter Hwang Yoon-joo] SeAH Besteel announced on the 29th that its consolidated operating profit for the first quarter of this year reached 38 billion KRW, a 253.5% increase compared to the same period last year. During the same period, sales increased by 17% to 818.4 billion KRW.

A SeAH Besteel official explained, "Sales increased due to the recovery of major demand industries such as automobiles and construction heavy equipment, which had been stagnant due to the impact of COVID-19 last year, leading to increased production and sales volume." He added, "Operating profit improved due to the expansion of sales strategies for high value-added special steel products such as alloy steel and the fixed cost reduction effect from increased production volume."

Looking at the quarterly special steel sales volume, it was 443,000 tons in the first quarter of last year, 291,000 tons in the second quarter, 318,000 tons in the third quarter, and 455,000 tons in the fourth quarter, showing an increasing trend. The first quarter of this year recorded 488,000 tons.

SeAH Changwon Special Steel saw a 2.9% decrease in operating profit to 13.6 billion KRW, while sales increased by 13.2% to 320.9 billion KRW.

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