South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for the third quarter this year.
The company reported an operating profit of KRW 1.19 trillion ($886.05 million) in the given quarter, down by 9.8 percent compared to the second quarter, due to a decline in sales prices. In the third quarter, POSCO’s revenue decreased by 10.3 percent quarter on quarter to KRW 18.96 trillion ($14.03 billion), while its net profit amounted to KRW 550 billion ($407.47 million), decreasing by 7.1 percent compared to the previous quarter.
In the third quarter this year, POSCO produced 9.31 million mt of crude steel, rising by 5.2 percent both quarter on quarter and year on year, while its finished steel sales decreased by 0.6 percent compared to the previous quarter and were up by five percent year on year to 8.3 million mt.