SeAH Besteel Holdings Q2 Operating Profit at 44.6 Billion KRW, Down 29% Year-on-Year

Operating Revenue Down 0.6% to 964.5 Billion KRW

SeAH Besteel Holdings announced on July 31 that, on a consolidated basis, its operating profit for the second quarter of this year was provisionally tallied at 44.6 billion KRW, a decrease of 29.9% compared to the same period last year.

Revenue was 964.5 billion KRW, down 0.6% year-on-year. Net profit fell by 60.7% to 18.3 billion KRW.

SeAH Besteel Holdings analyzed that its operating performance declined because the global export environment slowed and major downstream industries remained sluggish for an extended period, which led to a deterioration in the sales mix of its key subsidiaries.

However, the company added that as it entered the seasonal peak period and engaged in proactive sales activities, sales volumes at major subsidiaries recovered, resulting in an increase in operating performance.

SeAH Besteel Holdings plans to continue building an integrated portfolio and making proactive investments in research and development (R&D) to strengthen its position in competitive markets such as aerospace, nuclear power, and defense.

The company stated, "By expanding production bases across key continents such as North America, the Middle East, and Southeast Asia, and by timely investments in new overseas manufacturing subsidiaries, including those in North America, we will secure new growth engines to target global emerging markets."