T-Plex Achieves Record-Breaking Performance... "Growth Will Continue This Year"

[Asia Economy Reporter Hyungsoo Park] T-Flex, a stainless steel processing company, recorded its highest performance since its establishment last year.

T-Flex announced on the 16th that it achieved sales of 257.7 billion KRW and an operating profit of 21.4 billion KRW last year. Compared to the previous year, sales increased by 36.0% and operating profit

rose by 27.2%. Net profit was 15.8 billion KRW, up 51.4% from the previous year.

Annual sales volume was 46,000 tons, an increase of 7.0% compared to the previous year. Investment in the semiconductor industry increased, leading to higher orders for stainless steel used in semiconductor equipment. The CDM (Combined Drawing Machine) wire rod sector showed strong performance. Due to tariffs imposed on imported stainless steel materials, the supply-demand imbalance of stainless steel worsened in the first half of last year. The effect of price increases reached 25-27%, rapidly boosting sales.

Sales of stainless steel for secondary batteries also increased, establishing a new revenue source. T-Flex supplies stainless steel materials that serve as pillars for electric vehicle battery module cases. Demand for stainless steel materials used in machinery parts for manufacturing secondary battery production equipment also grew.

A T-Flex official stated, "We are stably receiving billets and wire rods from SeAH Changwon Special Steel," and explained, "we have secured the status to receive hot-rolled and cold-rolled coils from POSCO." He added, "We aim to increase sales volume in the plate business division from the current 1,000 tons per month to around 2,000 tons," and "the effect of being designated as a POSCO cooperation center will fully materialize this year."

T-Flex is also expanding its overseas presence from Taiwan to Japan and Southeast Asia. Kim Youngguk, CEO of T-Flex, said, "Despite the impact of COVID-19, we maintained the export market through non-face-to-face sales," and added, "This year, we are directly visiting Taiwanese clients to expand the market." He further stated, "With balanced growth across the billet, wire rod, and plate business divisions, sales are expected to increase again this year."