POSCO’s operating profit expected to rise in Q1 from Q4

Monday, 12 April 2021 16:39:08 (GMT+3)   |   Istanbul

South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its provisional financial results for the first quarter this year, reporting an operating profit of KRW 1.5 trillion ($1.33 billion), up by 79.7 percent compared to the previous quarter. The level is the company’s second-largest quarterly operating profit in the last ten years, after the KRW 1.7 trillion recorded in the second quarter of 2011. In the given quarter, the company’s finished steel sales revenue increased by 9.9 percent year on year and by 4.8 percent compared to the previous quarter to KRW 15.97 trillion ($14.2 billion).

The company plans to announce its final results for the first quarter late this month.

In 2020, the company reported an operating profit of KRW 2.40 trillion, down by 38 percent compared to 2019, while the company’s sales revenue decreased by 10.2 percent year on year to KRW 57.79 trillion.

POSCO expects its revenue in 2021 to total KRW 59.4 trillion, as SteelOrbis previously reported.

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