Hyundai Steel Q1 Operating Profit 700 Billion KRW... 130% Increase YoY

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[Asia Economy Reporter Oh Hyung-gil] Hyundai Steel announced on the 26th that its operating profit for the first quarter reached 697.4 billion KRW, an increase of 129.5% compared to the same period last year.

On a consolidated basis, sales amounted to 6.9797 trillion KRW, up 41.7% from the same period last year. The operating profit margin also rose by 3.8 percentage points from 6.2% in the same period last year to 10.0%.

Profitability improved due to the recovery of the global steel market and expanded sales through operational activities of key strategic products.

Hyundai Steel plans to continuously pursue sales optimization and further strengthen its business competitiveness centered on profitability to maintain a stable profit base.

By division, the global automotive steel sheet sales segment exceeded the early-year plan, accelerating its global market penetration. For thick plates, stable volumes are secured through project orders, and for rebar, the pricing system was improved by reflecting additional costs that were not previously included in the sales price.

In particular, as part of restructuring to transform into a "profitability-centered steel company," Hyundai Steel completed the transfer of STS business assets to its subsidiary Hyundai BNG Steel in February, recovering 102.1 billion KRW in funds.

In the research and development sector, the company stated that it is expanding the development of high-performance, high-strength steel materials to respond to the continuous market demand for improved automotive performance and lightweighting.

It also stated that various efforts are being made in the ESG field to enhance corporate value. By installing coke dry quenching facilities, carbon emissions are being reduced, and through additional facility investments, the company plans to realize an eco-friendly steel mill.

A Hyundai Steel official said, "We will continue efforts to fulfill the company's social responsibility by enhancing the safety and health system through safety and health system and safety culture diagnostics involving external professional organizations."

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