Hyundai Steel Q3 Operating Profit Falls 6.5% YoY to 87.1 Billion Won

"Q3 Profitability Improves as Automotive Steel Sheet Sales Expand"
Securing Growth Drivers Through U.S. Electric Arc Furnace Steelworks and High-Value-Added Products

Hyundai Steel said on the 30th that it recorded consolidated revenue of 5.8971 trillion won, operating profit of 87.1 billion won, and net income of 84 billion won in the third quarter of this year.

Hyundai Steel's Dangjin Steelworks. Hyundai Steel

Third-quarter revenue rose 2.8% from the same period last year, while operating profit fell 6.5%.

Compared with the previous quarter, revenue fell 3.4%, while operating profit rose 51.0%.

Hyundai Steel explained, "Revenue declined from the previous quarter due to the seasonal off-season and holidays, but operating profit improved as prices for key products rose and the sales share of high-value-added products, such as automotive steel sheets, increased."

The company expects profitability to improve further in the fourth quarter as the effects of product price increases are fully reflected and the prices of key raw materials stabilize at lower levels.

Hyundai Steel plans to focus on securing global production bases and strengthening the competitiveness of high-value-added products to sustain its earnings improvement.

In September, it held a groundbreaking ceremony in Louisiana for an integrated steelworks specializing in automotive steel sheet production and based on an electric arc furnace. The new steelworks will expand production of high-value-added products centered on automotive steel sheets and meet demand for low-carbon steel products made using electric arc furnaces. The company plans to enter the U.S. market by leveraging its existing local business network and then expand its customer base into future mobility and advanced industries.

In South Korea, the company is strengthening its competitiveness in construction steel products in response to the expansion of artificial intelligence (AI) data center and semiconductor plant construction. Recently, it launched "H One," an integrated brand encompassing rolled H-beams and welded H-beams.

Hyundai Steel is also accelerating its expansion into overseas markets. It is pursuing product development tailored to local customer needs and certification in New Zealand, Taiwan, and other markets, and is holding "Customer Days" to showcase next-generation automotive steel sheet technology to major overseas customers.

A Hyundai Steel official said, "We are actively identifying new demand by securing global growth bases, strengthening the competitiveness of high-value-added products, and expanding our customer base. We will continue to expand product sales and improve profitability based on sustainable competitiveness."

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