2025 Global Steel Mill Profitability Divergence In 2025, steel mill profitability diverged across different global regions. North American market, US-based Cleveland-Cliffs posted a net loss of $1.478 billion in 2025, with losses widening YoY; US-based Nucor reported net profit of $1.74 billion in 2025, down 13.58% YoY. South American market, Brazil's Gerdau S.A. posted net profit of $248 million in 2025, down 70.69% YoY. European market, Luxembourg-based ArcelorMittal reported net profit of $3.15 billion in 2025, up 135.4% YoY; Austria's voestalpine GROUP posted net profit of $109 million in 2025, up 178.01% YoY. Asian market, South Korea's Hyundai Steel reported net profit of approximately $680,000 in 2025, down 88.89% YoY; South Korea's POSCO Steel posted net profit of $776 million in 2025, up 26.7% YoY; China's Valin reported net profit of approximately $383 million in 2025, up 28.49% YoY. Amid Declining Steel Prices Across Multiple Global Regions, Chinese Steel Mill Profits Performed Relatively Well In 2025, steel prices declined across most global regions. Taking hot-rolled coil as an example, Black Sea export FOB prices fell 14% YoY, Turkish export FOB prices fell 11% YoY, export FOB prices from China, Japan, and India as well as EU import CFR prices fell 9% YoY, Southeast Asian import CFR prices fell 7%, while US import CFR prices rose 8%. A comparison of 2025 revenue and net profitability among selected global steelmakers revealed that among those with higher revenue (>$10 billion), Chinese steelmakers slightly outperformed their ex-China counterparts in net profit.

【SMM Steel】BlueScope Steel lodged an AD application on April 30, withdrew it on May 22, and immediately filed a new application. The probe targets S.Korea's Dongkuk Steel, Dongkuk Coated Metal, POSCO, and Vietnam's Hoa Sen and Nam Kim Steel. Products covered are flat-rolled zinc-coated steel 0.3-3.5mm thick, excluding painted, pre-painted, electro-galvanised, corrugated, and aluminium-zinc alloyed goods. The ADC expects to issue its SEF by September 9, 2026, with a final ruling by October 26, 2026.

In Q1 2026, POSCO Holdings Group recorded revenue of 17.9 trillion won, up 1,035 billion won QoQ; gross profit was 15.2 trillion won, up 488 billion won QoQ; gross profit margin rose 2.4 percentage points QoQ to 8.5%; selling, general and administrative expenses were 810 billion won, down 206 billion won QoQ; operating profit was 707 billion won, up significantly by 694 billion won QoQ, with profitability improving substantially; operating profit margin rose 3.9 percentage points QoQ to 4.0%; pre-tax profit was 757 billion won, achieving a turnaround from loss to profit; net profit was 543 billion won, up 854 billion won QoQ; net profit attributable to the parent company was 467 billion won.

According to investment banking industry sources on May 21, POSCO Future M has decided to sell its entire remaining 8.30% stake in Chinese synthetic graphite anode materials company, Inner Mongolia Sinuo New Material Technology Co., Ltd.

POSCO Future M announced on May 20 that it has developed silicon anode materials capable of storing more than four times as much energy as graphite-based anode materials. The company is pursuing mass-production supply of silicon anode materials in 2028, taking into account market demand and changes in the market environment.

【SMM Steel】The US Department of Commerce issued a final determination in its countervailing duty administrative review, finding that POSCO Co., Ltd. received countervailable subsidies on carbon and alloy steel cut-to-length plate exports to the US during the January 1, 2023 to December 31, 2023 review period, with a final subsidy rate of 3.70%. The rate applies to POSCO's cross-owned entities and its affiliated trading company POSCO International. The determination comes as the US Court of International Trade has remanded certain key issues, requiring Commerce to provide better substantiation on electricity pricing benchmarks and whether carbon allowances constitute "financial contributions". US steelmaker Nucor has appealed the trade court's ruling.