[Yongsteel 2026 Period 4-3 Ordinary Steel Price Adjustment]

[SMM Steel] Hoa Phat Group reported a sharp increase in HRC orders in April, with inventories declining significantly and demand expected to rise further. Q1 HRC sales grew 24% YoY to 2.36 million tons, while exports doubled to 416,000 tons. The surge is driven by Vietnam’s AD duties on Chinese HRC (up to ~27.8%), strong domestic construction demand, and reduced Iranian slab exports, which boosted demand for finished HRC. Prices have increased ~8% YTD, with April offers raised by ~$34/t, while export margins remain attractive, with US-bound prices $40–50/t higher than domestic.

[SMM Steel] Hoa Phat Group reported Q1 2026 revenue of VND 53.3 trillion and net profit exceeding VND 9 trillion, with management expecting better results in the coming quarters. Core steel operations contributed about VND 5.2 trillion, while VND 3.8 trillion came from a one-off project transfer. The company targets VND 210 trillion revenue and VND 22 trillion profit in 2026 (+33% and +42% YoY). Expansion continues, including a 6 mtpa integrated steel project (expected by 2030) and a rail steel project targeting first output in Q2 2027, supported by strong domestic demand and public investment.

[SMM Steel] Turkey’s steel sector expects no change to its 2026 export targets of 20 million tons and $17 billion, supported by continued market diversification efforts to offset weaker EU demand. The country produced 38 million tons of crude steel in 2025 and exported 19 million tons, maintaining its position as a key global supplier. Competitive advantages include fast delivery to Europe (~48 hours) versus 25–30 days from Asian exporters, though rising energy costs remain a key challenge. The sector is accelerating green transition, with 15–20% of energy already sourced from renewables.