SeAH Steel Holdings of Korea turned out to achieve its record high in operating profit last year stating officially March 18 that the 2023 year yielded a total of 3,913.3 billion won sale and 590.9 billion won operating income. The sales revenue was decreased 1 percent but the operating profit gained 4.2 percent a year ago, the company added. The background of the big profit last year was attributable t the robust steel pipe and tubes demand despite the eased bottleneck hit the oil and gas industries in North America.
Steel pipe and tubes product sale price slipped but the company yielded a record high of operating profit thanks to the global-based supply network imbodied into the sales strategy at affiliates overseas including US and Vietnam as well as headquarters, the company said. SeAH Steel Holdings are known to focus the 2024 project on the best solution strategy swiftly attuned to the change of paradigms like global energy conversion and regional block.
Last year, the company reached the supply contract by which its Italy-based specialty steel pipe affiliate, INOXTECH, would supply clad steel pipe and tubes products to Hail & Ghasha Project and SeAH Steel UAE also signed off on the five-year API offering contact to ADNOC, UAE largest state-owned petroleum company.
By the way well, SeAH Steel Holdings resulted in a 3.3 percent year over year growth in terms of non-consolidated sale worth 1,860.9 billion won and 7.8 percent add in operating profit worth 231.9 billion won. Last year saw a partial adjustment on the oil and gas energy pipe and tublar products in the US but the sale and profit gains were possible according to the improved sales volume backed by the consistent growth in demand for LNG-led eco-friendly energy steel pipe products, the company official familiar with the issue added.
Meanwhile, SeAH Steel Holdings is known to issue RCPS(Redeemable Convertible Preference Shares) via its UK-based affiliate, SeAH Wind, in order to increase competitiveness in the sea wind power structure market. The funds expecting to come a to a total of 126 billion won through the capital increase will be used for the operation at the steel pipe and tubes factory in UK. The company’s UK-based affiliate, SeAH Wind, is known to carry out the offering project of sea wind power generating monopiles to the global markets including UK, EU and North Amerca.
by swkim
