Posted on 11 Aug 2026
South Korean steel giant Hyundai Steel (a subsidiary of car manufacturers Hyundai Motor and Kia) has reported a 3.7% increase in steel sales in the second quarter compared with the previous quarter, reaching 4.42 million tonnes. This was driven by an increase in shipments of flat and long steel products. This was reported by BigMint.
The company’s consolidated revenue in the second quarter rose by 2.7% year-on-year, reaching 6.11 trillion won ($4.4 billion). Operating profit for the period stood at 58 billion won, significantly exceeding the first-quarter figure (16 billion won), but 43.1% lower than the same period last year (102 billion won). Net profit fell by 67.6% year-on-year to 12 billion won.
The company attributes the quarterly recovery in performance to an increase in sales volumes, rising prices for key products, an expansion in the share of highly liquid goods, and cost optimisation.
The positive trend was driven by the main production segments:
Price rises in the domestic market were driven by restrictions on imports of cheaper products, scheduled maintenance at plants and higher raw material costs. At the same time, prices for iron ore, coking coal and scrap metal fell slightly due to subdued demand and existing stock levels.
As part of its long-term strategy, Hyundai Steel is focusing on new technology markets. The company is targeting the supply of steel for the construction of semiconductor manufacturing plants, artificial intelligence data centres, the modernisation of electricity grids, as well as for hydrogen and nuclear energy. Management expects that demand from the energy and IT sectors will ensure steady growth in sales of premium products and improve the business’s margins.
As reported by GMK Center, in early September Hyundai Steel will hold a groundbreaking ceremony at the construction site of a new integrated steelworks with electric arc furnaces in the state of Louisiana (USA). This will mark the start of the main construction phase for the facility, which will have an annual capacity of 2.8 million tonnes of steel and an estimated investment of $5.8 billion. The plant is scheduled to come on stream in 2029.
Source:GMK Center
