Hyundai Steel, South Korea's second-largest steelmaker, reported a 67.6% drop in second-quarter 2026 net profit to 12.1 billion won from 37.4 billion won a year earlier, hit by a prolonged downturn in the construction industry. Operating profit fell 43.3% to 57.7 billion won, while sales rose 2.7% to 6.1 trillion won. For the first half, the company posted a net loss of 27.2 billion won, widening from 17 billion won a year ago. Hyundai Steel said it will seek opportunities to supply steel products for key national projects such as energy and AI data center projects to improve profitability.
Hyundai SteelNet profit plunged 67.6% due to construction slump, but company seeks AI data center projects.