South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its financial results for the second quarter of the current year, reporting a net profit of KRW 530 billion ($473.7 million), up from a net profit of KRW 221 billion in the same quarter of the previous year.
In the second quarter, POSCO's sales revenues increased by 16.23 percent year on year to KRW 14.94 trillion ($13.36 billion), while its operating profit amounted to KRW 979 billion ($875.35 million), rising by 44.2 percent compared to the same quarter of the previous year.
In the period in question, POSCO produced 8.8 million mt of crude steel, down 2.3 percent year on year, while its finished steel sales decreased by six percent year on year to 8.46 million mt.
For the third quarter of 2017, POSCO expects iron ore prices to be at $60-65/mt, unlikely to further increase as the slow summer season starts and as stocking is finished, while coking coal prices in the third quarter are forecast to range between $140-160/mt.