South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for 2024.
The company reported an operating profit of KRW 2.17 trillion ($1.5 billion), compared to an operating profit of KRW 3.53 trillion in 2023. In 2024, POSCO’s sales revenue decreased by 5.7 percent year on year to KRW 72.68 trillion ($50.25 billion), while its net profit amounted to KRW 948 billion ($655.55 million), decreasing by 48.6 percent compared to a net profit of KRW 1.84 trillion in 2023. The decreases in sales revenues and profits were due to slow global demand, the company said.
Last year, POSCO produced 33.17 million mt of crude steel, falling by 1.1 percent compared to the previous year, while its finished steel sales decreased by one percent year on year to 32.8 million mt. The declines in production and sales were due to blast furnace refurbishment. However, high value-added product sales grew, defying the weak global demand.