Hyundai Steel Company (004020) Q4 2024 earnings summary

Executive summary

• Revenue and profits declined year-over-year due to a slowdown in the construction market and increased low-priced steel imports.

• Both consolidated and non-consolidated operating profits fell sharply, with net profit nearly eliminated.

• Strategic focus on expanding global automotive steel sales and investing in high-value-added steel production.

Financial highlights

• Consolidated revenue dropped to KRW 23,226bn in 2024 from KRW 25,915bn in 2023, a decrease of KRW 2,689bn.

• Consolidated operating profit fell to KRW 159bn from KRW 798bn year-over-year; net profit dropped to KRW 9bn from KRW 443bn.

• Non-consolidated revenue decreased to KRW 18,618bn from KRW 21,609bn; operating profit plummeted to KRW 15bn from KRW 650bn.

• Gross profit margin and operating profit margin both declined significantly year-over-year.

Outlook and guidance

• 2025 sales volume is planned to increase by 5.5% year-over-year.

• Management policy emphasizes profit-oriented business, stable production of high-value-added products, and carbon reduction.

• Targeting net zero carbon emissions by 2050, with a 12% reduction by 2030 compared to 2018.