"Steel Market Strong" Hyundai Steel's Quarterly Operating Profit Surges 25 Times (Update)

Q3 Operating Profit 826.2 Billion KRW... 2374% Increase YoY

An employee at Hyundai Steel Dangjin Steelworks is tapping molten iron from the No. 3 blast furnace.

[Asia Economy Reporter Choi Dae-yeol] Hyundai Steel announced on the 28th that its consolidated operating profit for the third quarter reached 826.2 billion KRW, an increase of 2374% compared to the same period last year.

The operating profit margin, which was less than 1% in the third quarter of last year, surged to 14.1% in the third quarter of this year. Sales increased by 31% during the same period to 5.8602 trillion KRW, and net profit turned positive at 595.9 billion KRW.

The company explained, "Efforts to improve profitability, such as an aggressive sales price policy reflecting the rise in raw material prices and an increase in sales of global premium products, were effective."

According to the company, sales of high-priced products domestically and internationally reached 6.18 million tons up to the third quarter of this year, accounting for 43% of total sales volume. Automotive steel sheets, shipbuilding heavy plates, and high-strength rebar are classified as high-priced products and global premium products by the company. Although product shipments were somewhat delayed last month due to strikes by partner companies, profitability greatly improved by actively responding to the strong global steel market trend.

The company stated that it will share the mid-term strategy of the mobility materials business division, including automotive, to expand the business while further enhancing competitiveness in the steel pipe business. It plans to increase sales of mobility parts centered on global bases and actively pursue new material processing businesses such as aluminum.

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