South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for the third quarter this year.
In the given period, the company reported an operating profit of KRW 945 billion ($696.7 million), up by 15.4 percent compared to the previous quarter and up by 47.8 percent year on year. In the given quarter, POSCO's sales revenue increased by 10.8 percent year on year to KRW 19.14 trillion ($14.11 billion), while its net profit amounted to KRW 380 billion ($280.2 million), decreasing by 1.8 percent compared to the same quarter of the previous year.
According to the statement, the improvement in POSCO's operating profit was supported by higher selling prices, increased crude steel production and sales volumes, and lower logistics and other operating expenses, despite rising raw material costs.
Meanwhile, operating profit of the company's steel division is reported at KRW 566 billion ($417.3 million), down 13.7 percent. In the given period, the division's sales revenue increased by 7.7 percent year on year to KRW 15.86 trillion ($11.69 billion), while its net profit amounted to KRW 190 billion ($140.1 million), decreasing by 59.5 percent compared to the same quarter of the previous year.
In the third quarter, POSCO's crude steel production totaled 9.11 million mt, up by 3.7 percent, while its sales volume amounted to 8.55 million mt, increasing by 3.8 percent, both year on year.
