South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for the first quarter this year, reporting an operating profit of KRW 1.55 trillion ($1.39 billion), up 79.8 percent compared to the previous quarter and up 120 percent year on year, due to the improved steel market. In the given quarter, the company’s finished steel sales decreased by two percent compared to the previous quarter and increased by 2.2 percent year on year to 8.81 million mt, while the sales volume declined amid maintenance works.
In the given quarter, POSCO’s revenue increased by 10.5 percent year on year to KRW 16.07 trillion ($14.46 billion), while its net profit amounted to KRW 1.14 trillion ($1.02 billion), increasing by 161.8 percent compared to the same quarter in the previous year.
In the first quarter this year, POSCO produced 9.56 million mt of crude steel, falling by 0.2 percent compared to the previous quarter, and up by 5.5 percent year on year, on the back of efforts to meet demand, despite maintenance and fewer working days.
POSCO’s crude steel production guidance for 2021 stands at 37.8 million mt, while its finished steel sales forecast is at 35.4 million mt. POSCO also predicts that its revenue in 2021 will total KRW 63.2 trillion.