Hyundai Steel will likely maintain leverage lower than our downside trigger over the next one to two years on the back of modest profitability improvements. Operationally, U.S. tariffs could curtail steel demand and constrain the company's performance recovery. A planned U.S. steel mill investment could also pressure the company's financial metrics from late 2026. We affirmed our 'BBB' long-term issuer credit rating on Hyundai Steel. The stable rating outlook reflects our expectation of stable leverage over the next one to two years. Our view is subject to reconsideration once clarity emerges on the funding structure of the U.S. investment and global steel operating conditions. The company?s continued strong market position and modest profitability improvements will help in this. We continue
