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 loss of KRW 658 billion ($578 million), compared to a net profit of KRW 224 billion in the same quarter of the previous year.
In the third quarter, POSCO's sales revenue decreased by 14 percent to KRW 14 trillion ($12.3 billion), while its operating profit amounted to KRW 652 billion ($572.9 million), down 25.8 percent, both year on year.
In the period in question, POSCO produced 9.71 million mt of crude steel, increasing by two percent, while the company's steel product sales amounted to 8.8 million mt, up 1.55 percent, both year on year. Exports accounted for 51.6 percent of the total sales volume.