• Volume and revenue: Full-year volume grew 8.1% against guidance of 9% to 10% due to March fuel and operational disruptions, while revenue grew 11% year-on-year driven by higher nickel and raw material costs.
• Substandard import risks: The six-month suspension of quality control orders has enabled unchecked dumping of substandard products from China, impacting long-term investment confidence when domestic capacity utilization is around 60%.
• Export share guidance: Despite logistics headwinds from the West Asia conflict, the company targets 7% to 9% volume growth and plans to maintain an export mix of 8% to 10%.
• Domestic growth levers: Achievement of the 3.35 million-ton target is backed by government infrastructure spending and an increasing shift toward stainless steel in mobility and infrastructure applications based on lifecycle cost and light weighting.