Hyundai Steel Posts 101.8 Billion KRW Operating Profit in Q2, Returns to Profitability

Sales Reach 5.9456 Trillion KRW,
Down 1.6% Year-on-Year

Hyundai Steel successfully returned to profitability in the second quarter of this year, supported by lower raw material prices and increased product sales.

On July 24, Hyundai Steel announced in a public disclosure that its consolidated operating profit for the second quarter was provisionally estimated at 101.8 billion KRW, a 3.9% increase compared to the same period last year. Compared to the previous quarter, the company swung to a profit. Revenue was 5.9456 trillion KRW, down 1.6% year-on-year. Net profit surged by 2,571.4% to 37.4 billion KRW. The company explained that the rebound in performance was driven by increased product sales, falling raw material prices, and improved results from subsidiaries.

Newly Updated Hyundai Steel CI

A Hyundai Steel representative stated, "Positive factors such as steel production cuts and economic stimulus measures in China, as well as a decrease in the inflow of low-priced steel products into the domestic market, are expected to lead to gradual performance improvement." Based on this, the company plans to actively expand its demand base in order to maintain profitability in the second half of the year. In particular, Hyundai Steel is pursuing investment in an electric furnace-blast furnace hybrid process with the goal of mass-producing low-carbon steel sheets in the first quarter of next year. Once this production system is fully operational, it is expected to facilitate the acquisition of new customers and enhance global competitiveness.

The company is also strengthening its high-value automotive steel sheet strategy. In the first half of this year, Hyundai Steel completed the retrofit of heat treatment facilities at its Dangjin Steelworks cold rolling mill, establishing a third-generation steel sheet production system. Third-generation steel sheets are next-generation mobility materials that offer both high formability and high strength, and are currently undergoing testing by major domestic and international automakers. Hyundai Steel is also expanding marketing efforts targeting overseas automakers. The company plans to increase the share of global automotive steel sheet sales based on strategic partnerships, and accelerate its entry into premium markets such as Europe by leveraging its low-carbon technology and hybrid process competitiveness.

A Hyundai Steel representative stated, "We will respond swiftly to market changes and move forward as a competitive steelmaker with both profitability and sustainability."

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