SeAH Steel Holdings' first quarter operating profit was KRW 68.4 billion... 68% decrease compared to the previous year

(Seoul = News 1) Reporter Choi Dong-hyun = SeAH Steel Holdings (003030) announced on the 16th that its consolidated operating profit in the first quarter of this year was 68.4 billion won, a 67.7% decrease from the same period last year. During the same period, sales decreased by 15.2% to KRW 882.6 billion, and net profit decreased by 61.3% to KRW 60.5 billion.

Due to the temporary surge in North American steel prices, demand in the market took a wait-and-see approach, resulting in a decline in quarterly performance. In addition, profitability decreased due to a decrease in roll margin due to strong prices of raw materials such as hot rolled steel.

SeAH Steel Holdings predicted that sales and operating profit in the North American market will increase in the second quarter as demand for steel pipe products in the U.S. market is expected to remain solid for a considerable period of time as high oil prices continue due to international political instability.

An official from SeAH Steel Holdings said, “Large-scale orders are coming in the liquefied natural gas (LNG), offshore wind power sector, and the Middle East market,” adding, “The supply contracts for projects in the Middle East signed in the second half of last year will be reflected in sales and profits in earnest starting this year.” “He said.

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