Daeyang Geumsok Expands Production Capacity with Factory Expansion... "Targeting Premium Home Appliance Market"
[Asia Economy Reporter Hyunseok Yoo] Daeyang Metal, a stainless steel cold-rolled sheet (STS CR) specialized manufacturer Daeyang Metal, announced on the 9th that it will actively target the premium home appliance market.
With the lifestyle of staying at home becoming common due to COVID-19 and heatwaves, the home appliance market is rapidly growing. As the home appliance market grows, demand for premium home appliances is expected to increase. Domestic companies are continuing aggressive market strategies through product upgrading and upsizing of TVs, dryers, dishwashers, and other appliances.
Daeyang Metal has been independently developing new stainless steel products used in home appliances such as dishwashers and dryers, based on 47 years of stainless steel cold rolling manufacturing technology. In particular, it has secured stable demand channels through transactions with major domestic home appliance companies, attracting significant attention in the market.
The company succeeded in reversing its performance in the first quarter of this year, supported by the growth of the premium home appliance market. The company recorded sales of 39.6 billion KRW, up 3.8% compared to the previous year. Operating profit and net profit also rose by 85.7% and 93.8%, respectively, to 1.3 billion KRW and 1.9 billion KRW.
Strong performance is expected to continue into the second quarter. Daeyang Metal launched new products for dishwashers in June, following products for dryers and heat exchangers in April this year. The recent strengthening of local prices for imported materials, leading to a decrease in imported material inflow, is also expected to contribute to the company's improved performance.
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A Daeyang Metal official said, "Demand for premium home appliances continues due to COVID-19," adding, "We plan to expand and relocate our southern business office in the second half of this year and will actively pursue market strategies by securing new volumes."
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