SeAH Steel Holdings said on the 15th that operating profit for the first quarter came to 26.7 billion won, down 59% from the same period a year earlier.
Revenue for the same period rose 4.7% to 991.9 billion won, while net profit fell 86.2% to 8.2 billion won.
SeAH Steel's first-quarter standalone operating profit was 23.2 billion won, down 11.1% from a year earlier.
Revenue for the same period rose 17.8% to 415.9 billion won, and net profit increased 1.1% to 20.7 billion won.
SeAH Steel Holdings noted that while revenue increased on stronger sales of energy steel pipe in North America, operating profit decreased as profit recovery at domestic subsidiaries was delayed due to weak demand in key downstream industries such as domestic construction.
The company said it expects North American demand for energy steel pipe to remain solid and plans to enhance product competitiveness through facility optimization and process upgrades, while continuing to secure new business centered on the Americas.