Hyundai Steel said Friday that it recorded consolidated revenue of 5.8971 trillion won and an operating profit of 87.1 billion won for the third quarter of this year. Revenue increased by 2.8% compared to the same period last year, while operating profit decreased by 6.5%.
Compared to the previous quarter, revenue declined by 3.4% due to factors such as the seasonal off-peak period and holidays. Conversely, operating profit rose by 51%, driven by an increase in sales prices of major products and an expanded share of high-value-added products such as automotive steel sheets.
A Hyundai Steel official explained, "In the fourth quarter, the effect of price increases for major products is expected to be fully reflected in performance, and raw material prices are also projected to stabilize at lower levels, leading to further improvements in profitability."
To sustain its improving performance, Hyundai Steel is focusing on securing global production bases and expanding sales of high-value-added products. In September last month, the company held a groundbreaking ceremony for an electric-arc furnace integrated steel plant specialized in automotive steel sheet production in Louisiana, United States, marking the start of building a North American production base.
The new steel plant aims to secure profitability by increasing the share of high-value-added product production centered on automotive steel sheets. It will also respond to global demand for low-carbon products through the production of carbon-reduced steel materials using electric-arc furnaces. The company plans to enter the automotive steel sheet market by leveraging its existing local business network, and subsequently expand its customer base to future mobility and advanced industries.
Domestically, Hyundai Steel is targeting demand for construction steel driven by increased investment in advanced industries such as artificial intelligence (AI) and semiconductors. This is because the construction of data centers and semiconductor fabs has recently increased, leading to growing demand for high-specification H-beams.
In line with this, Hyundai Steel unveiled "H One," an integrated brand encompassing both rolled and welded H-beams. The product supplies rolled and welded H-beams together to accommodate the diverse design conditions of large-scale structures such as data centers and semiconductor fabs. According to the company, it can provide products and solutions tailored to customer requirements, including high structural performance, large cross-sections, and special specifications. The company has also obtained KS certification for earthquake-resistant and fire-resistant H-beams.
It is also broadening its overseas customer base. It is promoting product development and obtaining certifications tailored to local customer requirements in New Zealand, Taiwan, and other regions. The company is holding "Customer Days" for major overseas customers to introduce next-generation automotive steel sheet technology and expand joint technological cooperation.
A company official said, "We are discovering new demand by securing global growth bases, strengthening the competitiveness of high-value-added products, and expanding our customer base," adding, "We will continue to expand product sales and improve profitability."
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