SeAH Steel Holdings said Wednesday that it recorded consolidated revenue of 1.221 trillion won and an operating profit of 93.3 billion won for the third quarter. These figures represent year-on-year increases of 32.3% and 134.4%, respectively. On a standalone basis, SeAH Steel’s revenue rose 46.6% from the same period last year, while its operating profit turned profitable.
The company explained that it recorded its highest quarterly revenue since its spin-off in 2018, driven by strong sales of steel pipes for oil and gas in North America. Improved profitability at its Americas sales subsidiary also contributed to a corresponding increase in operating profit compared to the same period last year.
In the second half of the year, demand for North American energy-use steel pipes and data center-related products is expanding. Gradual recovery in profitability is expected as revenue recognition begins in earnest for its UK offshore wind projects and losses narrow. SeAH Wind, the company’s subsidiary producing offshore wind substructures in the UK, will focus on gradually improving earnings visibility by manufacturing volumes from existing orders.
A company official said, “The North American steel pipe market is expected to maintain robust demand for oil country tubular goods (OCTG) and line pipes as energy infrastructure investment continues into the fourth quarter.”
The official added, “Our local production subsidiary in the United States, SeAH Steel USA, plans to invest in facility upgrades to ensure a stable supply of high-value-added steel pipe products, thereby enhancing market competitiveness and responding to local demand.”
in INDUSTRY
