South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its financial results for 2017, reporting a net profit of KRW 2.97 trillion ($2.79 billion), compared to a net profit of KRW 1.048 trillion in the previous year.
In 2017, POSCO's consolidated sales revenue amounted to KRW 60.65 trillion ($56.91 billion), up 14 percent year on year. Meanwhile, its operating profit for the given year totaled KRW 4.62 trillion ($4.33 billion), up 62.5 percent year on year.
In the given year, the company’s net profit for its steel segment totaled KRW 2.79 trillion ($2.62 billion), rising by 85 percent, while the steel segment recorded sales revenues of KRW 47.61 trillion ($44.69 billion) and an operating profit of KRW 3.60 trillion ($3.38 billion), up 11 percent and 23 percent, respectively, all compared to 2016.
In 2017, POSCO produced 37.20 million mt of crude steel, down from 37.49 million mt in 2016 due to blast furnace revamping, while the company's steel product sales amounted to 34.71 million mt, declining by 3.2 percent year on year.