Hyundai Steel Reports 23.2261 Trillion Won in Sales Last Year... Down 10.4%

Worsening Construction Market and Increased Imports of Low-Priced Steel Products
Continued Efforts to Improve Financial Structure... Debt Ratio Reduced to 78.7%
Profitability Enhancement Through Establishment of High Value-Added Production System and Strengthening Competitiveness in Long and Shaped Steel Products

A view of Hyundai Steel Dangjin Steelworks. / Photo by Choi Byungmin

Hyundai Steel announced on the 22nd through a public disclosure that, on a consolidated basis for 2024, it recorded sales of 23.2261 trillion KRW, operating profit of 314.4 billion KRW, and net profit of 123.2 billion KRW.

According to Hyundai Steel, due to sluggish construction market conditions and an increase in low-priced steel imports, sales decreased by 10.4% compared to the previous year, while operating profit and net profit also fell by 60.6% and 72.2%, respectively.

Despite this challenging business environment, Hyundai Steel has continued its efforts to improve its financial structure, reducing its debt ratio to 78.7%, down 1.9 percentage points from the previous year.

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

To this end, Hyundai Steel plans to enhance its global automotive steel sheet supply capabilities based on high value-added technological competitiveness such as the development of third-generation steel sheets. The company will also establish a European sales office to secure local sales volume and proactively respond to trade and carbon regulation risks, thereby expanding global automotive sales.

Additionally, Hyundai Steel will continue to invest in global growth markets by expanding overseas infrastructure for automotive steel sheet supply, such as constructing SSCs in Georgia, USA, and Pune, India.

Alongside these efforts, Hyundai Steel plans to actively respond to changes in customer demand to expand product sales.

With the ongoing transition to vehicle electrification, the company is building a production system for high-strength, high-formability third-generation steel sheets to meet the increasing demand for ultra-high-strength steel. It is also expanding heat treatment facilities for heavy plates to focus on producing high value-added heavy plates targeting the energy market.

In the area of long and shaped steel products, Hyundai Steel established the 'H-Modular Lab' last year based on its technological expertise in construction steel, aiming to develop new demand for modular construction H-beams. The company is also enhancing sales competitiveness by obtaining carbon reduction certification.

This year, under the management policy of becoming an "eco-friendly steelmaker capable of sustainable growth," Hyundai Steel plans to strengthen its profit-oriented business system, improve carbon neutrality execution efficiency, and focus its business capabilities on electrification and energy materials to secure a foundation for future growth.

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