South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for 2023.
The company reported an operating profit of KRW 3.53 trillion ($2.64 billion), compared to an operating profit of KRW 4.85 trillion in 2022. In 2023, POSCO’s sales revenue decreased by 8.9 percent year on year to KRW 77.12 trillion ($57.73 billion), while its net profit amounted to KRW 1.83 trillion ($1.37 billion), decreasing by 48.5 percent compared to a net profit of KRW 3.56 trillion in 2022. The main causes of the decreases in sales revenues and profits were the declines in steel prices affected by deteriorating market conditions.
Last year, POSCO produced 35.68 million mt of crude steel, rising by 4.2 percent compared to the previous year, due to the recovery from the damage caused by floods. In the given year, the company’s finished steel sales increased by 3.1 percent year on year to 33.14 million mt.