Hyundai Steel Reports Q3 Sales of 6.2 Trillion KRW and Operating Profit of 228.4 Billion KRW

Hyundai Steel announced on the 25th through a disclosure that it recorded consolidated sales of 6.2832 trillion KRW, operating profit of 228.4 billion KRW, and net profit of 129.2 billion KRW for the third quarter of this year.

Hyundai Steel stated on the 25th that its consolidated sales for the third quarter decreased by 10.2% compared to 6.9999 trillion KRW in the same period last year, and operating profit and net profit decreased by 38.8% and 51.0%, respectively, compared to the same period last year. The operating profit margin and net profit margin for the third quarter were 3.6% and 2.1%, respectively.

A Hyundai Steel official explained, "Profit declined due to a decrease in sales volume and product price drops caused by the global steel market slowdown."

Despite these challenging business conditions, Hyundai Steel plans to secure profitability by pursuing new demand discovery and product development in the future. Hyundai Steel is establishing production facilities for third-generation steel sheets that improve formability while maintaining the strength of existing ultra-high-strength steel, aiming to start commercial production by the second quarter of 2025 to respond to the automotive electrification trend.

Additionally, Hyundai Steel is actively engaged in securing orders for non-shipbuilding heavy plate projects, including domestic semiconductor factory projects, European and East Asian offshore wind power projects, and global construction machinery demand.

Hyundai Steel's efforts to strengthen business competitiveness are also noteworthy. To enhance competitiveness in the steel pipe business, Hyundai Steel will establish a subsidiary, 'Hyundai Steel Pipe.' Through independent management of Hyundai Steel Pipe, it plans to improve expertise in the steel pipe business, expand domestic and overseas production capacity, and strengthen investments in future businesses to become a global specialist in energy steel pipes.

Alongside this, Hyundai Steel is continuously promoting the production of low-carbon products by mixing electric arc furnace molten steel and blast furnace molten iron to achieve carbon neutrality. Currently, civil engineering and equipment construction are underway to establish a pre-melting electric furnace, which is scheduled to be completed by September 2024.

Hyundai Steel is also focusing its capabilities on developing new products for the automotive and shipbuilding sectors. It is developing high-formability ultra-high-strength steel sheets for electric vehicle-dedicated platforms and plans to expand its portfolio of steel materials for eco-friendly fuel carriers by developing heavy plates for liquefied carbon dioxide transport and storage tanks.

Hyundai Steel stated, "We will strengthen product sales in line with changes in the upstream demand industry environment and improve profitability through production and inventory optimization."

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