SeAH Steel Holdings announced on the 4th that its performance last year recorded sales of 3.69 trillion won and an operating profit of 225.1 billion won. Compared to the same period last year, sales decreased by 5.7% and operating profit by 61.9%.
The company noted regarding the decline in performance, "In the North American region, prices of energy pipes have fallen in the oil and gas market," and added, "In the domestic market, the weakening conditions in upstream industries such as construction have continued, and intensified competition among companies has led to lower prices."
However, the company explained, "By utilizing the synergies from domestic and overseas production affiliates (in the United States and Vietnam), we have maintained a stable supply of products to customers, keeping sales at a solid level compared to last year."
Regarding the outlook for this year, the company explained, "We expect gradual performance improvement, thanks to the decline in inventory of drilling pipes and price increases following expanded demand for oil and gas in the North American region."