SeAH Steel Holdings Co., Ltd. Records Highest Quarterly Performance with 1.0413 Trillion KRW Revenue and 211.5 Billion KRW Operating Profit

Boom in North American Oil & Gas Market

SeAH Steel Holdings announced on the 15th that it achieved its highest-ever quarterly performance with consolidated sales of 1.0413 trillion KRW and operating profit of 211.5 billion KRW this year.

Data provided by SeAH Steel Holdings

Compared to the same period last year, sales increased by 13.7% and operating profit rose by 90.6%. The record-breaking performance of SeAH Steel Holdings was driven by the boom in the North American oil and gas industry. Currently, the energy-oriented steel pipe market is experiencing a shortage of local supply compared to demand. As sales volume of key products increased and prices remained high, both sales and operating profit surged significantly year-on-year, resulting in the highest quarterly sales and operating profit in history.

SeAH Steel Holdings’ stable global supply chain strategy, utilizing production subsidiaries in Korea, Vietnam, and the United States, also played a crucial role. Strong first-quarter results were recorded due to long-term contracts with major customers and increased sales volume from the U.S. subsidiary (SSUSA).

On a standalone basis, SeAH Steel recorded a 9.2% increase in sales and a 31% increase in operating profit compared to the same period last year.

SeAH Steel Holdings stated, "Uncertainty is intensifying due to export sanctions on Russia in the energy industry, and with the strengthening of global energy security, efforts are being made to maximize supply across all energy sources." They analyzed that "investment in energy facilities is expected to steadily increase." Accordingly, global demand for steel pipe products is expected to remain strong for a considerable period.

However, they added, "As imports continue to increase steadily in the U.S. market, steel pipe prices, which had been maintained above a certain level, are expected to gradually stabilize," and "In the second quarter, we expect to maintain solid sales and profits thanks to high sales volume and prices, following the same trend as before."

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