Hyundai Steel 2026 Q1: Operating profit plunges, net loss widens... US EAF investment continues

Consolidated Q1 2026 revenue: 5.74 trillion won, operating profit: 15.7 billion won, a sharp drop compared to 2025 full-year operating profit of 219.2 billion won.
Consolidated net loss of 39.3 billion won, with controlling interest net loss of 41.0 billion won, widening deficit.
On a separate basis, operating loss of 72.5 billion won and net loss of 23.5 billion won.
US electric arc furnace (EAF) steel mill investment plan totals $5.8 billion; additional contribution of 707.4 billion won to Hyundai Steel USA Corp. in Q1 2026.
Subsidiary restructuring: complete sale of Hyundai IFC Co., Ltd. and Qingdao Hyundai Machinery Co., Ltd. stakes.
Litigation risk: 46 pending lawsuits for damages totaling 409.0 billion won, with 26.5 billion won provisioned.
Financial position: total assets 35.04 trillion won, total liabilities 15.19 trillion won, total equity 19.84 trillion won, debt-to-equity ratio approx. 76.6%.
Option contracts related to Hyundai Green Power: recognized derivative financial assets of 107.7 billion won and derivative financial liabilities of 75.4 billion won.
Maintained market leadership with domestic market shares of 32.8% in flat products and 39.5% in long products.

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