South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for 2022, reporting an operating profit of KRW 4.85 trillion ($3.94 billion), compared to an operating profit of KRW 9.24 trillion in 2021, amid four months of suspension at its Pohang steel plant as a result of typhoon in September, and also due to slow demand.
In 2022, POSCO’s revenue increased by 11 percent year on year to KRW 84.75 trillion ($68.95 billion), while its net profit amounted to KRW 3.56 trillion ($2.9 billion), compared to a net profit of KRW 7.19 trillion in 2021.
Last year, POSCO produced 34.22 million mt of crude steel, falling by 10.5 percent compared to the previous year, due to damage caused by flooding. In the given year, the company’s finished steel sales decreased by 9.3 percent year on year to 32.14 million mt, as its production volume decreased.
“The Ukraine war and the global supply chain problem, such as issues around automotive chip supplies, will continue to limit the demand recovery,” Eom Gichen, head of marketing strategy, said.
POSCO predicts that its revenue in 2023 will total KRW 85.8 trillion.
Meanwhile, in the current months the company completed the restoration of all 17 rolling mills at Pohang steelworks 135 days after flooding, as SteelOrbis previously reported.