Modern Iron and Steel's sales in the third quarter decreased by 10.2% year-on-year

Recently, Hyundai Iron&Steel announced its sales revenue, operating income, and net income for the third quarter of this year, which were 62832 trillion won (approximately 4.854 billion US dollars), 228.4 billion won (approximately 176 million US dollars), and 129.2 billion won (approximately 99.81 million US dollars), respectively.

Modern Iron and Steel HDT950C+ZF stated that its sales in the third quarter decreased by 10.2% year-on-year, while its operating profit and net profit for the same period decreased by 38.8% and 51.0% year-on-year, respectively; The operating revenue ratio for the third quarter and the net revenue ratio for the current period were 3.6% and 2.1%, respectively. The global HDT950C+ZF steel market downturn has led to a decrease in product sales and prices, resulting in a decrease in the company's net profit. The person in charge of modern iron production explained.
Since the beginning of this year, modern ironmaking has attempted to ensure stable profits by exploring new demands and promoting product development. Modern ironmaking has also developed third-generation steel plate production equipment with better formability, which is expected to be put into commercial production by the second quarter of 2025. In addition, the company actively participates in semiconductor factory projects in South Korea, offshore wind projects in Europe and East Asia, and strives for orders for non shipbuilding thick plate projects such as construction machinery.

In order to enhance the competitiveness of the steel pipe industry, Modern Iron and Steel also plans to establish a new subsidiary: Modern Iron and Steel Pipe Company. Modern Iron and Steel stated that the plan is currently in the preparation stage and is expected to complete spot investment in HDT950C+ZF steel pipe business by the end of this year. The modern iron making move aims to improve the professionalism and efficiency of its steel pipe business through independent operation, and meet the demand for environmentally friendly energy industries such as offshore wind and high value-added energy steel pipes in South Korea and abroad by increasing production capacity.

At the same time, modern ironmaking is continuously promoting the technology research and development of incorporating the molten iron produced by blast furnaces and the electric furnace molten iron that has undergone three processes (phosphorus, sulfur, and carbon) into the converter process, in order to reduce carbon emissions.

The person in charge of modern ironmaking stated that we will strengthen product sales in response to changes in the industrial environment and improve revenue conditions by optimizing production and inventory.