South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its financial results for 2016, reporting a net profit of KRW 1.04 trillion ($902 million), compared to a net loss of KRW 96 billion in the previous year.
In 2016, POSCO's sales revenue amounted to KRW 53.08 trillion ($45.62 billion), down 8.77 percent year on year. Meanwhile, its operating profit for the given year totaled KRW 2.84 trillion ($2.44 billion), up 18 percent year on year.
In the year in question, POSCO produced 37.49 million mt of crude steel, down from 37.96 million mt in 2015, while the company's steel product sales amounted to 35.94 million mt, up one percent year on year.