Hyundai Steel Reports Q2 Operating Profit of 465.1 Billion KRW, Down 43.4% YoY

Sales reach 7.1383 trillion KRW, down 3.3% YoY
Sales and operating profit up 12% and 39% respectively from Q1
"Increased demand for automotive sheet metal and seasonal peak effects"

Hyundai Steel announced on the 26th that it achieved consolidated sales of 7.1383 trillion KRW and an operating profit of 465.1 billion KRW in the second quarter of this year. Compared to the previous year, sales decreased by 3.3% and operating profit decreased by 43.4%.

Compared to the previous quarter, sales increased by 11.7% and operating profit increased by 39.3%. The operating profit margin for the second quarter was recorded at 6.5%.

A Hyundai Steel representative explained, "Profitability improved due to increased sales volume of long products driven by rising demand for automotive steel sheets and the seasonal peak period."

Hyundai Steel is strengthening its global automotive steel sheet sales by securing new orders through the development of steel grades and parts approvals demanded by global companies in line with the electrification trend of finished vehicles.

Additionally, Hyundai Steel, the first in the steel industry to obtain certification for low-carbon H-beams, is expanding sales of eco-friendly construction steel materials and has secured a digital sales channel and is pioneering new customer demand through the recently opened online steel mall, 'HCORE STORE.'

Hyundai Steel is also progressing as planned with its transition to a carbon-neutral system and the development of low-carbon products through an electric arc furnace (EAF) and blast furnace (BF) hybrid process. In April, Hyundai Steel announced its carbon-neutral roadmap and stated it would establish a hybrid EAF-BF process to transition to a low-carbon production system.

By 2025, the company plans to invest 150 billion KRW in existing electric arc furnaces to build a system that mixes low-carbon molten iron into the blast furnace and converter process, and establish a system to supply 4 million tons annually of low-carbon steel sheets with 20% less carbon than existing steel sheets.

To this end, Hyundai Steel is conducting tests on low-carbon high-strength steel and automotive outer panels using electric arc furnace and blast furnace production facilities at its Dangjin Steelworks. The company plans to secure high-quality steel grade production technology in advance by the first half of next year to actively respond to customers' demands for low-carbon products.

Hyundai Steel stated, "Despite the continued slowdown in the construction market this year, we plan to strengthen product sales in line with improvements in automotive and shipbuilding demand and continue to secure profitability in the second half of the year."

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