South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for the first quarter of 2023.
The company reported an operating profit of KRW 705 billion ($526.82 million), compared to an operating profit of KRW 2.26 trillion in the first quarter in 2022.
In the given quarter, POSCO’s revenue decreased by 9.2 percent year on year to KRW 19.38 trillion ($14.48 billion), while its net profit amounted to KRW 840 billion ($627.64 million), compared to a net profit of KRW 1.91 trillion in the first quarter last year.
In the first quarter this year, POSCO produced 8.49 million mt of crude steel, falling by 3.2 percent year on year, and rising by 5.6 percent compared to the previous quarter, the company’s finished steel sales decreased by 3.4 percent year on year and were up by 8.2 percent quarter on quarter to 8.16 million mt. The increases compared to the previous quarter were due to the normalization of operations after a complete recovery from the flooding which had impacted the company’s facilities.
POSCO predicts that its revenue in 2023 will total KRW 86 trillion.