South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its financial results for the third quarter of the current year, reporting a net profit of KRW 475.5 billion ($415.4 million), compared to a net loss of KRW 658 billion in the same quarter of the previous year, primarily driven by cost reduction initiatives.
In the third quarter, POSCO's sales revenue decreased by 8.9 percent to KRW 12.74 trillion ($11.14 billion), while its operating profit amounted to KRW 1.03 trillion ($903.6 million), up 58.6 percent, both year on year.
In the period in question, POSCO produced 9.8 million mt of crude steel, increasing by one percent compared to the same period of 2015. POSCO’s finished steel sales in the same period grew by 2.6 percent year on year.
For the full year of 2016, POSCO expects consolidated revenues to be approximately KRW 58.7 trillion ($51.29 billion). The company’s finished product sales are estimated to be roughly 35.3 million mt, while crude steel production is projected to be nearly 37.2 million mt.