【Hyundai Steel’s Q2 Steel Sales Rise 3.7% q/q, Providing Limited Near-Term Support for Coking Coal Demand】

Published: Aug 12, 2026 10:03

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South Korean steelmaker Hyundai Steel increased its second-quarter steel sales by 3.7% quarter on quarter to 4.42 million tonnes, mainly driven by higher shipments of flat steel, long steel and automotive steel. Revenue rose 2.7% year on year to KRW 6.11 trillion, but operating profit fell 43.1% y/y to KRW 58 billion, while net profit declined 67.6% y/y to KRW 12 billion. This indicates that the recovery in steel sales has not yet translated into an overall improvement in profitability, limiting near-term support for coking coal demand.

Hyundai Steel also plans to commission a 2.8 million-tonnes-per-year EAF steelworks in 2029. If the project eventually replaces part of the company’s blast-furnace capacity, it could create structural downside risks for Hyundai Steel’s medium- to long-term coking coal and coke demand.

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