On April 27, in a public announcement, Hyundai Steel presented its 1Q 2021 business performance report.
According to the announcement, Hyundai’s consolidated sales increased 5.6% year-on-year to USD 4.35 billion with a surplus in operating profit of USD 268 million. The operating profit rate also recovered from the deficit of the previous year, reaching 6.2%. Hyundai Steel explained that the results are due to the improving global steel market, prices increasing for steel plate-based products, and improving sales for high-value-added products. This can be interpreted as a result of an active response to increasing demand for steel, mostly in Korea and developed countries, as the global economy starts to recover. The company announced that it will improve profitability by incorporating the rise of raw material costs to product pricing according to the growth of the steel market, and will continue its recovery process through active marketing activities, such as reinforcing sales activities in key areas to increase sales.