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 profit of KRW 907 billion ($804.25 million), compared to a net profit of KRW 476 billion in the same quarter of the previous year.
In the third quarter, POSCO's sales revenue increased by 18 percent to KRW 15.03 trillion ($13.33 billion), while its operating profit amounted to KRW 1.12 trillion ($998.18 million), up nine percent, both year on year.
In the period in question, POSCO produced 9.75 million mt of crude steel, falling slightly by 0.5 percent compared to the same period of 2016. POSCO’s finished steel sales in the same period remained almost stable year on year at 8.96 million mt.
For the full year of 2017, POSCO expects consolidated revenues to be approximately KRW 59.5 trillion ($52.74 billion). The company’s finished product sales are estimated to be roughly 34.9 million mt, while crude steel production is projected to be nearly 37.1 million mt.