SeAH Steel Holdings announced today (the 14th) that they recorded a consolidated sales of 860 billion KRW and an operating profit of 19.4 billion KRW for the third quarter of this year.
Compared to a year ago, sales decreased by 8.7%, and operating profit declined by 84.3%.
SeAH Steel Holdings explained, “The sales and operating profit decreased due to prolonged stagnation in key frontline industries like construction amid a slowdown in economic growth.”
They added, “While sales volumes of energy-directed pipes in the North American oil & gas market remained steady, profitability was affected by a decline in product prices.”
Regarding future prospects, SeAH Steel Holdings emphasized, “With China announcing large-scale stimulus measures, economic recovery within China is anticipated, and the inflow of low-cost Chinese steel is expected to decrease somewhat.”
Additionally, SeAH Steel Holdings stated, “With the Trump administration’s policy shift towards easing energy regulations, oil & gas projects are expected to expand, and demand for energy-directed pipe products in the North American market is projected to remain strong.”