South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for the second quarter this year, reporting an operating profit of KRW 2.09 trillion ($1.6 billion), down by 7.1 percent compared to the previous quarter.
In the given quarter, POSCO’s revenue increased by 7.8 percent year on year to KRW 23.01 trillion ($17.6 billion), while its net profit amounted to KRW 1.79 trillion ($1.37 billion), decreasing by 0.5 percent compared to the same quarter of the previous year.
In the second quarter this year, POSCO produced 8.54 million mt of crude steel, falling by 2.6 percent compared to the previous quarter and down by 9.5 percent year on year, both due to revamping of the facilities. In the given quarter, the company’s finished steel sales decreased by 2.6 percent compared to the previous quarter and decreased by 8.4 percent year on year to 8.23 million mt, due to lower production.
POSCO predicts that its revenue in 2022 will total KRW 86 trillion.