South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for 2021, reporting an operating profit of KRW 9.24 trillion ($7.62 billion), compared to an operating profit of KRW 2.40 trillion in 2020, amid the steel market uptrend in both domestic and overseas markets. In the given year, the company’s finished steel sales increased by 3.4 percent year on year to 35.45 million mt, as the market rebounded.
In 2021, POSCO’s revenue increased by 32.1 percent year on year to KRW 76.33 trillion ($62.99 billion), while its net profit amounted to KRW 7.19 trillion ($5.93 billion), compared to a net profit of KRW 1.78 trillion in 2020.
Last year, POSCO produced 38.26 million mt of crude steel, rising by 6.4 percent compared to the previous year, on the back of efforts to meet demand.
POSCO’s crude steel production guidance for 2022 is at 36.5 million mt, while its finished steel sales forecast stands at 34.7 million mt. POSCO also predicts that its revenue in 2022 will total KRW 77.2 trillion.