Hyundai Steel (004020) Q3 2026 earnings summary

Executive summary

• Consolidated Q3 revenue was KRW 5,897bn, down QoQ, while operating profit rose to KRW 87bn as higher prices of key products supported profitability.

• Continued growth initiatives include a Louisiana EAF steel mill, premium construction-steel products and expansion of global customer relationships.

Financial highlights

• Consolidated revenue was KRW 5,897bn, down KRW 210bn QoQ and up KRW 163bn YoY; gross profit was KRW 412bn, up KRW 33bn QoQ and down KRW 13bn YoY.

• Consolidated operating profit was KRW 87bn, up KRW 29bn QoQ and down KRW 6bn YoY; operating margin was 1.5%, up 0.5pp QoQ and down 0.1pp YoY.

• Consolidated net profit was KRW 84bn versus KRW 12bn in Q2 and KRW 18bn a year earlier; net margin was 1.4%, up 1.2pp QoQ and 1.1pp YoY.

• Consolidated financial gain/loss was KRW 11bn versus a KRW 58bn loss in Q2 and a KRW 63bn loss in Q3 2025; pretax profit was KRW 98bn.

Outlook and guidance

• HRC prices softened amid limited third-country imports; Q4 maintenance was expected to support higher prices.

• Long-product prices faced seasonal demand weakness and expectations of lower scrap prices; scrap was pressured by steelmaker price cuts and weaker downstream demand.

• Coal prices rose on China supply disruptions before declining amid weaker demand; iron ore faced weak demand and high inventories.