Strong Demand in North American Oil & Gas Market
Global Energy Investment on the Rise
SeAH Steel Holdings Co., Ltd. announced that it recorded consolidated sales of 3.9133 trillion KRW and an operating profit of 590.9 billion KRW last year.
On the 18th, SeAH Steel Holdings disclosed these results for the previous year. Sales decreased by 1.0% compared to the previous year, while operating profit increased by 4.2%. The operating profit is the highest ever recorded. Strong demand in the North American oil and gas market and increased global energy investments led to this record performance.
SeAH Steel Holdings stated, "We plan to respond agilely with optimal solutions tailored to paradigm shifts such as global energy transition and regional bloc formation."
SeAH Steel's standalone sales amounted to 1.8609 trillion KRW, with an operating profit of 231.9 billion KRW. The company said, "Despite a decline in product selling prices, the sales strategies of our subsidiaries in the U.S., Korea, and Vietnam, based on SeAH Steel Holdings' stable global supply chain, achieved the highest operating profit since the company's founding." It added, "The full-scale delivery of large-scale projects already secured, such as the Qatar LNG (liquefied natural gas) North Gas Field, contributed to the excellent performance."
SeAH Steel stated, "As accelerating energy transition for national energy security and climate change response is a global trend, the trend of increasing facility investments across all energy sources except coal is expected to continue for a long time." It added, "Due to OPEC's production cuts, the prolonged Russia-Ukraine war, and U.S. shale gas companies' profit-focused policies, the high oil price trend is expected to continue, and global demand for steel pipe products is anticipated to remain strong."
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