Hyundai Steel recently disclosed its financial performance for the first quarter of the current year. During this period, the company achieved a net profit of KRW 32.2 billion ($23.75 million), a significant improvement from the net loss of KRW 198 billion in the previous quarter and a net profit of KRW 218 billion in Q1 2023.

Despite a 2.6% decline in sales revenues to KRW 5.95 trillion, Hyundai Steel's operating profit reached KRW 56 billion ($41.33 million), marking a positive turnaround from the operating loss of KRW 229 billion in Q4 2023 and an operating profit of KRW 334 billion in the same quarter of the previous year.

In terms of sales volume, Hyundai Steel recorded a total of 4.34 million metric tons in the first quarter, showing a slight decrease of 1.5% compared to the previous quarter and a 7.6% drop year-on-year, attributed to the establishment of a pipe subsidiary.

Furthermore, Hyundai Steel announced its intention to finalize the modernization of its heavy plate mill at Dianjing by the end of the fourth quarter of this year. This upgrade will enhance the mill's production capacity, aiming to reduce the company's dependence on imports.