Hyundai Steel announced on the 25th through a public disclosure that its consolidated sales for the third quarter of this year amounted to 5.6243 trillion KRW, operating profit was 51.5 billion KRW, and net loss was 16.2 billion KRW.
According to Hyundai Steel, due to sluggish sales caused by delayed recovery in the construction market and a decline in product prices, third-quarter sales decreased by 417.1 billion KRW compared to the previous quarter, while operating profit and net profit decreased by 46.5 billion KRW and 17.6 billion KRW, respectively.
In a business environment where the steel market slowdown continues, Hyundai Steel plans to focus on securing new demand in growth industries such as nuclear power and defense, and strengthen sales competitiveness through the development of high-strength steel to improve profitability.
To this end, Hyundai Steel is supplying steel materials with enhanced seismic performance for nuclear power plant construction to Shin-Hanul Units 3 and 4, where construction has resumed due to increased power demand. At the same time, it is actively developing and selling defense-grade heavy plate materials in line with the increase in 'K-Defense' exports.
Additionally, as vehicle electrification progresses and the demand for lightweight parts continues, Hyundai Steel is expanding sales of high value-added steel by developing high-strength lightweight chassis parts using ultra-high-strength cold-rolled materials.
They are also securing a competitive edge in the future steel market through the advancement of carbon reduction technologies and strengthening e-commerce platform services.
Hyundai Steel is focusing on developing carbon-reducing steel plates by utilizing an electric arc furnace and blast furnace hybrid process. Currently, they are conducting test production of ultra-high-strength steel for automobiles and testing it with domestic and overseas automakers, while expanding product lines to include heavy plates for offshore wind towers and steel sheets for home appliances.
Alongside this, Hyundai Steel is advancing its e-commerce platform 'HCORE STORE.' They plan to add hot-rolled and cold-rolled products to the existing product lineup of rebar, shaped steel, and steel pipes to attract new customers, and introduce an auction process to enhance the platform’s openness and fairness.
Hyundai Steel stated, "Although the construction market downturn continues and the influx of low-priced Chinese imports is increasing, we plan to strengthen business competitiveness by securing demand for high value-added products and developing carbon-reducing products."
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