Hyundai Steel Reports Significant Q3 Net Profit Increase

Hyundai Steel Co., South Korea's second-largest steelmaker, announced a remarkable increase in its net profit for the third quarter of 2023. The company reported that its net profit reached 84 billion won (approximately $62.8 million), a substantial rise from 17.8 billion won during the same period last year.

This impressive growth is attributed to higher selling prices and a strong focus on high-value-added products, particularly automotive steel. Despite a slight decline in operating profit, which fell by 6.5% to 87.1 billion won, overall sales increased by 2.8% to 5.89 trillion won.

Looking ahead, Hyundai Steel anticipates that rising product prices and stabilizing raw material costs will further enhance its profitability in the fourth quarter. The company is also responding to the growing demand for steel products in sectors such as artificial intelligence data centers and semiconductor facilities.

In a strategic move, Hyundai Steel recently launched its H One brand, which features premium hot-rolled and welded H-beam steel products. Additionally, the company is expanding its operations with the construction of a new steel mill in Louisiana, aiming for completion by 2029, which will bolster its production capacity and supply chains in the U.S. market.