POSCO’s operating profit increases in Q2, crude steel output guidance for 2021 revised up

Monday, 26 July 2021 11:16:46 (GMT+3)   |   Istanbul

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 2.2 trillion ($1.91 billion), up 41.8 percent compared to the previous quarter, as both domestic and overseas businesses outperformed. In the given quarter, the company’s finished steel sales increased by two percent compared to the previous quarter and increased by 15.8 percent year on year to 8.99 million mt, as domestic sales expanded.

In the given quarter, POSCO’s revenue increased by 33.3 percent year on year to KRW 18.29 trillion ($15.85 billion), while its net profit amounted to KRW 1.81 trillion ($1.56 billion), compared to a net profit of KRW 105 billion in the same quarter of the previous year.

In the second quarter this year, POSCO produced 9.45 million mt of crude steel, falling by 1.1 percent compared to the previous quarter amid maintenance, and up by 21.3 percent year on year, on the back of efforts to meet demand.

POSCO’s crude steel production guidance for 2021 increased to 38.2 million mt, compared to 37.8 million mt forecasted in the first quarter this year, while its finished steel sales forecast is at 35.6 million mt. POSCO also predicts that its revenue in 2021 will total KRW 66.4 trillion.

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