Hyundai Steel reported a consolidated revenue of USD 4.07 billion, an operating profit of USD 37.3 million, and a net loss of USD 11.7 million for the third quarter of 2024.
Due to sluggish sales resulting from a delayed recovery in the construction market and declining product prices, third-quarter revenue decreased by USD 302.1 million compared to the previous quarter, with operating profit and net income down by USD 33.7 million and USD 12.7 million, respectively.
Amid the ongoing slowdown in the steel market, Hyundai Steel aims to boost profitability by focusing on new demand in growth sectors such as nuclear energy and defense. The steelmaker also plans to strengthen its sales competitiveness by developing high-strength steel.
To this end, Hyundai Steel is supplying enhanced seismic-resistant steel for nuclear power plant construction at Shin Hanul Units 3 and 4, where construction has resumed due to rising power demand. The company is also actively developing and marketing thick plates tailored for defense applications to support the growth in K-defense exports.
In response to the rising demand for lightweight components driven by vehicle electrification, Hyundai Steel is expanding its high-value steel sales by developing high-strength, lightweight chassis parts using ultra-high-strength cold-rolled steel.
In addition, Hyundai Steel is advancing its carbon reduction technologies to gain a competitive edge in the future steel market and is enhancing its e-commerce platform services.
Hyundai Steel is prioritizing the development of carbon-reducing sheet products through its electric and blast furnace hybrid process. It is currently engaged in pilot production of ultra-high-strength steel for automotive applications, with testing underway for both Korean and international automakers. Additionally, Hyundai Steel is expanding its product range to include thick plates for offshore wind towers and steel sheets for home appliances.
Furthermore, Hyundai Steel is enhancing its e-commerce platform, HCORE STORE. By expanding the product lineup to include hot-rolled and cold-rolled steel alongside its existing offerings of rebar, structural steel, and steel pipes, the company aims to attract new customers. The platform will also improve transparency and fairness through the introduction of an auction process.
