SeAH Steel Holdings Reports 111 Billion KRW Operating Profit in Q1, Up 200% Year-on-Year

Surge in Energy-Oriented Steel Pipe Sales Amid North American Oil and Gas Industry Boom

[Asia Economy Reporter Jeong Dong-hoon] SeAH Steel Holdings announced on the 16th that it recorded consolidated sales of 916.1 billion KRW and operating profit of 111 billion KRW in the first quarter of this year. These figures represent increases of 56.7% and 200.4%, respectively, compared to the previous year.

SeAH Steel Holdings stated, "Due to the recent boom in the North American oil and gas industry, demand for energy pipes is very high while local supply is insufficient, leading to increased sales and price rises of key products," adding, "SeAH Steel Holdings' stable global supply chain management (SCM) expertise and efforts to strengthen market dominance in the North American market positively impacted the first quarter performance growth."

Looking at SeAH Steel alone, it recorded separate sales of 448.8 billion KRW and operating profit of 59.9 billion KRW, marking a 39.5% increase in sales and a 280.5% increase in operating profit compared to the same period last year.

SeAH Steel explained, "We pursued an active sales strategy including price increases due to rising raw material costs, and operating profit also increased due to expanded profitability of energy pipes driven by exchange rate and international oil price rises."

SeAH Steel added, "Although oil and gas prices have risen compared to pre-war levels due to the Russia-Ukraine war and economic sanctions on Russia, inventory levels remain low," and "As a result, drilling activities in North America continue to increase, sustaining strong demand for pipes."

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