Hyundai Steel Posts Q3 Operating Profit of 93.2 Billion Won, Up 81% Year-on-Year
Sales Reach 5.73 Trillion Won, Net Profit at 17.8 Billion Won
Cost Stability and Expansion of High Value-Added Products Drive Results
Strong Performance in Automotive Steel Sheets and MS Steel Sales
Hyundai Steel announced in a regulatory filing on October 30 that its consolidated operating profit for the third quarter of this year was provisionally tallied at 93.2 billion won, up 80.9% from the same period last year. Revenue rose 2.7% to 5.7344 trillion won. Net profit more than tripled to 17.8 billion won.
Although revenue decreased by 3.6% compared to the previous quarter, operating profit remained at a similar level to the previous quarter, supported by falling raw material prices and an increased proportion of high value-added products such as automotive steel sheets. A company official stated, "Sales declined due to the slowdown in the construction market, but from the fourth quarter, the effects of trade responses to low-priced imports will be fully reflected, leading to a gradual improvement in performance."
Hyundai Steel explained that it is focusing on strengthening global sales capabilities, developing high value-added new products, and preemptively capturing demand in growth industries to ensure stable profitability. The company recently completed the construction of a Steel Service Center (SSC) within the finished vehicle cluster in Pune, India. In addition, Hyundai Steel is accelerating digital transformation by introducing cloud infrastructure across all business sites in collaboration with Amazon Web Services (AWS). The company has also supplied low-carbon certified steel to AWS data center construction projects.
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On the product side, Hyundai Steel is responding to rising demand for lighter and stronger steel by promoting mass production and supply of MS steel and third-generation automotive steel sheet products. Component evaluations are underway with global finished vehicle manufacturers. The company has completed the development of high-strength steel for autonomous vehicle structures and ultra-high-strength steel for vehicle seat rails, aiming for initial supply early next year. A Hyundai Steel official said, "We plan to expand product sales and improve profitability by developing high value-added new products and preemptively capturing demand in growth industries."
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