Trump's response to 'trade barriers'...Hyundai Steel "actively considering investment in U.S. steel mills"

Hyundai Steel has decided to actively consider building a U.S. steel mill to counter trade barriers by the second Trump administration.

Choi Sang-gun, executive director of the Strategic Planning Headquarters, said in a conference call after the earnings announcement that he would disclose the investment decision to the outside world if it made an investment decision.

This is a response to U.S. President Donald Trump's policy to strengthen protection trade to supply automotive steel plates to Hyundai Motor's plants in Georgia and Alabama and Mexico.

The industry predicts that if the construction plan of the steel mill is confirmed, large-scale investments worth 10 trillion won will be made.

In today's earnings report, Hyundai Steel tentatively reported that its consolidated operating profit last year was KRW 314.4 billion, down 60.6% from the previous year.

Sales fell 10.4% to 23.22 trillion won and net profit fell 72.2% to 123.2 billion won.

Operating profit in the fourth quarter of last year was KRW 190 billion, turning into a surplus compared to a year ago when it suffered an operating loss.

Hyundai Steel said that although the steel market continues to slow down this year, it plans to focus on improving profitability by establishing a stable production system for high value-added plate products and strengthening the competitiveness of the long steel business.