Even amid continued uncertainty in the steel market, SeAH's direction for the new year was clear. At the 2026 New Year Meeting held on January 7 at SeAH Tower, executives and employees reflected on last year's achievements and reaffirmed their resolve to execute with determination and overcome the prolonged downturn that has become the new normal. Like the powerful momentum symbolized by the Year of the Red Horse, SeAH's strong commitment toward 2026 resonated throughout the event.

Even at the start of 2026, the business environment surrounding the steel industry remains challenging. The domestic steel market continues to face prolonged slowdown, while overseas markets are confronted with unpredictable variables such as strengthening protectionism and high-tariff policies. With a firm determination to navigate this uncertainty and create new growth opportunities, SeAH employees have begun the year 2026. The 2026 New Year Meeting, held on January 7 at SeAH Tower, served as a valuable opportunity to reaffirm and solidify our commitment.

As employees gathered in the auditorium, Park Jung-un, Director of SeAH Holdings, who hosted the event, opened the meeting with New Year's remarks. Drawing on the powerful image of the red horse charging forward, he expressed his hope that the entire SeAH family would advance boldly toward their goals and achieve meaningful accomplishments in the year ahead.

The first program featured a video titled "Moments of Korean Table Tennis with SeAH," highlighting the achievements of the SeAH Table Tennis Team. As employees watched the video capturing their moments of transformation and growth made possible through SeAH's sponsorship, they witnessed how Korean table tennis ignited with renewed passion after receiving SeAH's sincere support, even amid the challenging reality of a less-recognized sport. Just as the athletes wearing the SeAH name aspire to compete on the global stage, the message resonated that SeAH also aims to overcome the hardships of the global market and strengthen its position as a national representative of steel in 2026. Amid the warmth and inspiration conveyed by the video, employees looked ahead with anticipation to the meaningful change and growth that SeAH will continue to create in the year to come.

Following the opening video, the 2025 SeAH Achievement Awards ceremony was held. The SeAH Achievement Awards recognize and commend employees who have contributed to the company's advancement, honoring their dedication while encouraging continued motivation across the organization. Each year, outstanding accomplishments are selected for recognition. In 2025, a total of 14 submissions were reviewed, resulting in the selection of one Gold Award team, two Silver Award teams, and four Special Award teams.

The Silver Awards were first presented to two teams from SeAH Besteel. The first Silver Award recognized the project titled "Development of Technologies for Optimizing Operations and Minimizing Residual Steel in the Continuous Casting Process." Assistant Manager Yoon, Gihee and seven team members responded to the growing demand for small-quantity, multi-product orders by developing technologies for minimizing residual steel and extending tundish reuse. Through this innovation, the team enhanced production flexibility and maximized cost competitiveness.

The second Silver Award went to the project titled "Commercialization of C9-18: Opening the Door to the Nuclear Market." Assistant Manager Jo, Minsoo and nine team members not only broke the monopoly structure of competitors to secure orders, but also significantly shortened production timelines, which established a strategic foothold in the back-end nuclear fuel cycle market.

The Special Awards followed. The first Special Award was presented to SeAH Steel UAE for the project titled "Expansion of 20.5-inch Capacity and Production Stabilization." Jude Skill and 12 team members swiftly converted existing production lines to a 20.5-inch system in response to declining demand for 5-inch products and a market shift toward high-specification products such as seamless pipes. This move has strengthened proactive market responsiveness and expanded profitability.

The second Special Award recognized SeAH CSS and SeAH Aerospace & Defense for the project titled "Localization of Korea's First Aviation Wing Spar Forging and Creation of Inter-Affiliate Synergy." Assistant Manager Choi, Sangmin and ten team members combined SeAH Aerospace & Defense's aluminum expertise with SeAH CSS's forging capabilities and overcame technical barriers to successfully localize a core aircraft component for the first time in Korea, which helped lay the foundation for future growth.

The third Special Award was presented to SeAH CSS for the project titled "Steelmaking Reimagined: Manufacturing Innovation Through Plant Automation." Assistant Manager Kim, Jong Hyeon and eight team members transformed steelmaking operations that had previously relied on experience and intuition into a data-driven, predictable, and automation-centered system, which significantly improved cost efficiency, quality, and safety.

The fourth Special Award went to Inox Tech and SeAH Steel for the project titled "Securing and Responding to a EUR 23.4 Million Shell Project Order for Duplex and STS Pipes." Deputy Manager Byun, Byung-guk and eight team members overturned a client's separate procurement plan amid an order drought and proposed a package solution that combined Inox Tech's duplex pipes with SeAH Steel's stainless steel pipes. The team not only secured the order but also generated additional follow-up contracts.

Lastly, the Gold Award—the highlight of the ceremony—was presented. The 2025 Gold Award was awarded to SeAH CSS for the project titled "Establishing Sustainable Raw Material Circulation System Through Green Up-Cycling Technology." Assistant Manager Lee, Youngwoo and nine team members achieved cost reductions by fundamentally transforming the conventional manufacturing paradigm amid volatile raw material prices and increasingly stringent environmental regulations. In particular, they successfully commercialized a technology that combines wastewater sludge, previously disposed of at cost, with byproducts from discarded batteries, a growing social concern, to produce high-value steelmaking raw materials. This innovation further advances SeAH's ESG management practices.

Following the Achievement Awards, the SeAH Management Awards were presented. The SeAH Management Awards recognize companies demonstrating excellence across four categories: competitiveness, future growth, management innovation, and talent development. In 2025, SeAH Steel UAE was selected as the recipient in the Competitiveness category. Despite a challenging market environment, SeAH Steel UAE normalized operational structures across production, sales, and management, which secured a foundation for sustainable growth as an overseas manufacturing subsidiary. Through the successful execution of the WEP project, the company established itself as the only comprehensive steel pipe nippler in the Middle East and achieved the highest performance in its history.

The event proceeded with the presentation of appointment certificates to the newly appointed executives who will lead the future of SeAH. Prior to the ceremony, a video was played conveying the trust and respect of team members who had worked most closely with the new executives. This added a warm resonance to the occasion. As the executives featured in the video stepped onto the stage to receive their certificates, the teams responded with enthusiastic applause and cheers, celebrating the beginning of their new journey.

The ceremony also included the presentation of commemorative plaques to executives marking 30 years of service. It was a meaningful moment honoring those who have contributed to the company's development with unwavering dedication and a strong sense of mission over three decades. Recipients were presented with commemorative plaques crafted in pure silver, and attendees expressed their respect with a heartfelt applause.

The New Year Meeting then continued with remarks from retiring executives. SeAH CSS Lee Bang-sun, who devoted 42 years of passionate service to special steel, took the stage to reflect on his journey since joining Sammi Special Steel (now SeAH CSS) in 1984. He shared that it has been both a great fortune and a happiness to live as a SeAH employee and concluded with the heartfelt words, "I will continue to pray for the continued development of SeAH," expressing deep affection for the company he regards as family.

During the session titled "Insights from the CEO," CEO Sung, Chang-mo of SeAH Aerospace & Defense, delivered a presentation on "The Growth of SeAH Aerospace & Defense and Preparation for the Future." Reviewing the company's journey, he emphasized that its achievements were rooted in a culture that returns to fundamentals and execution that builds a foundation for growth. He further highlighted key enablers of mid-to long-term goals, including strengthened customer partnerships in the global market, expanded production capabilities and process innovation, swift execution, and an organizational culture grounded in collaboration and shared growth. He concluded by affirming that "All employees will move forward with one mind in preparing for the company's leap toward sustainable growth."

The final address of the New Year Meeting was delivered by Chairman Lee, Soon-hyung. Chairman Lee reflected on the exceptionally challenging conditions faced by the steel industry in 2025, including the prolonged domestic economic downturn, rising global trade barriers, and high tariffs imposed by the United States. He expressed gratitude for the achievements each affiliate accomplished despite these adverse conditions. He emphasized that "In order not to fall behind, we must set bold goals and establish concrete action plans to execute them." He further stated, "To break through stagnation and regression, we must accelerate overseas expansion and devote our full efforts to ensuring the successful settlement and activation of our existing global operations."

Chairman Lee's message emphasized a clear resolve: rather than waiting for the downturn to subside, SeAH must plan and act on the premise that this prolonged slowdown has become the new order. In an era where downturn has become the new normal, the answer ultimately lies in execution. Like the powerful momentum of the red horse, SeAH will move forward with bold determination and unwavering commitment, striving to achieve even greater milestones in 2026.