Hyundai Steel’s Q3 operating profit falls 6.5% year on year to 87.1 billion won

[Financial News] Hyundai Steel Company’s sales in the third quarter of this year rose 2.8% from a year earlier, but operating profit fell 6.5%. However, helped by higher selling prices for major products and expanded sales of high-value-added products such as automotive steel sheets, operating profit rose 51.0% from the previous quarter.
Hyundai Steel Company disclosed on the 30th that it recorded consolidated sales 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. Sales rose 2.8% from the same period a year earlier, while net income increased 371.9%.
It expects profitability to improve further in the fourth quarter of this year as the effects of price increases for major products are fully reflected and raw material prices stabilize.
Hyundai Steel Company is working to secure overseas production bases and expand sales of high-value-added products to improve profitability. Last September, it held a groundbreaking ceremony in Louisiana, United States, for an integrated steelworks using an electric arc furnace and specializing in automotive steel sheet production. It plans to expand its sales base for automotive steel sheets in the local market.
In South Korea, the company is targeting the market for high-specification H-beams used in data centers and semiconductor plants. It recently launched “H One,” a brand combining rolled and welded H-beams, and obtained KS certification for seismic- and fire-resistant H-beams.
Overseas, the company is pursuing product development tailored to customer needs and certification in markets including New Zealand and Taiwan. It also plans to share next-generation automotive steel sheet technology with major overseas customers and expand technical cooperation with them.

[email protected] Kim Mi-hee Reporter