Hyundai Steel Reports Operating Profit of 314.4 Billion KRW Last Year, Down 60.6% Year-on-Year

Sales Decreased by 10.4% to 23.2261 Trillion KRW
Continued Efforts to Strengthen Financial Structure... Pursuing Profitability Improvement

Hyundai Steel announced on the 22nd that its consolidated operating profit for last year was tentatively estimated at 314.4 billion KRW, a 60.6% decrease compared to the previous year.

Sales amounted to 23.2261 trillion KRW, down 10.4% from the previous year. Net profit was 123.2 billion KRW, a 72.2% decline. However, efforts to strengthen the financial structure resulted in a debt ratio of 78.7%, down 1.9 percentage points from the previous year.

Operating profit in the fourth quarter turned positive at 109 billion KRW, compared to an operating loss of 229.1 billion KRW in the same period last year. Sales and net profit for this quarter were 561.27 billion KRW and 105.8 billion KRW, respectively.

A Hyundai Steel official stated, "Although the steel market slowdown is expected to continue this year, we plan to focus on improving profitability by 2025 by establishing a stable production system for high value-added sheet products and strengthening competitiveness in the long steel business."

Hyundai Steel plans to enhance its global supply capacity of automotive steel sheets based on high value-added technological competitiveness such as the development of third-generation steel sheets. Additionally, it will establish a sales office in Europe to secure local sales volume and proactively respond to trade and carbon regulation risks.

Hyundai Steel will also continue investing in global growth markets by expanding overseas infrastructure for automotive steel sheet supply through the construction of steel service centers (SSC) in Georgia, USA, and Pune, India.

Furthermore, Hyundai Steel intends to actively respond to changes in customer demand to expand product sales. As part of this, it will establish a production system for high-strength, high-formability third-generation steel sheets in line with the electrification and motorization trends of vehicles to meet the increasing demand for ultra-high-strength steel sheets, and expand heat treatment facilities for thick plates to focus on producing high value-added thick plates targeting the energy market.

For long steel products, based on construction steel technology, Hyundai Steel will build an 'H-Modular Lab' and develop new demand for modular construction H-beams.

Hyundai Steel stated, "Following this year's management policy of becoming a 'sustainable and eco-friendly steel company,' we will strengthen a profit-centered business system and enhance the efficiency of carbon neutrality implementation," adding, "We plan to secure a foundation for future growth by focusing business capabilities on electrification and energy materials sectors."

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