Hyundai Steel Company (004020) Q1 2026 earnings summary

Executive summary

• Revenue increased to KRW 5,740bn in 1Q 2026, up KRW 250bn sequentially and KRW 176bn year-over-year, but profit declined due to FX volatility and higher raw material costs.

• Net profit turned negative at KRW -39bn, down from KRW 1bn in the previous quarter and KRW -54bn a year ago.

• Operating profit dropped to KRW 16bn from KRW 43bn in 4Q 2025, with margin narrowing to 0.3%.

Financial highlights

• Consolidated gross profit was KRW 353bn, down KRW 23bn sequentially but up KRW 61bn year-over-year.

• Operating profit margin fell to 0.3% from 0.8% in the previous quarter.

• Non-consolidated revenue rose to KRW 4,474bn, up KRW 177bn sequentially and KRW 184bn year-over-year.

• Non-consolidated operating profit was a loss of KRW -72bn, reversing from a profit of KRW 106bn in 4Q 2025.

Outlook and guidance

• Product prices are trending upward due to improved supply-demand balance, with HRC and rebar prices rising.

• Scrap prices remain firm amid intensified domestic buying competition.

• Iron ore and coal prices are under downward pressure due to stabilized supply and oversupply outlook.