Jeil Steel Wire Enters 7mm Wire Rod Market... "Maximizing Sales by Expanding Product Portfolio"

[Asia Economy Reporter Jang Hyowon] Jeil Steel, a KOSDAQ-listed company, announced on the 28th that it will newly enter the 7mm wire rod market in addition to its existing main product, the 5.5mm wire rod.

With the construction industry expected to boom this year due to reconstruction and the recovery of various front industries such as machinery and automobiles, Jeil Steel plans to expand its market by leveraging its excellent product quality.

Jeil Steel's main product, mild steel wire rod, is widely used in everyday items such as hangers, nails, wire mesh, and springs, as well as in civil engineering materials like buildings and bridges, and in the automobile and shipbuilding industries. Since mild steel wire rod products accounted for more than half of total sales last year, additional revenue is expected from this new product launch.

Jeil Steel possesses production technology for wire rods ranging from 4.8mm to 16mm in diameter, but has focused on producing high-quality 5.5mm wire rods, which have had the highest demand. Recently, as demand for high-quality wire rod products has increased from front industries, the company added 7mm wire rod products to respond promptly.

A Jeil Steel official said, “We have continuously reviewed production and sales of new products in addition to the existing 5.5mm product, and recently confirmed positive feedback on the 7mm wire rod prototype from market stakeholders. We expect that this new product launch will further expand our product portfolio and have a positive effect on improving sales performance.”

He added, “We will continue to diversify production lines to develop products that can create new synergies with existing products and further increase the company’s sales. In addition, we are exploring various options for entering new businesses to secure new growth engines.”

Last year, Jeil Steel recorded its highest-ever sales of 84 billion KRW through continuous self-driven efforts such as improving production yield and production management efficiency, along with the steel industry boom. The company pre-stocked raw materials during the steel price increase period to quickly respond to market demand, achieving both sales growth and profitability improvement. Jeil Steel plans to maintain a profit trend this year through stable growth of its core business and business diversification via new investments.

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