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 920 billion ($639.02 million) in the given quarter, down by 56.1 percent compared to the second quarter. In the third quarter, POSCO’s revenue decreased by eight percent quarter on quarter to KRW 21.15 trillion ($14.69 billion), while its net profit amounted to KRW 592 billion ($411.27 million), decreasing by 67.1 percent compared to the previous quarter due to due to flooding and slow demand.
In the third quarter this year, POSCO produced 8.86 million mt of crude steel, rising by 3.7 percent compared to the previous quarter, as revamping of the blast furnace No. 4 at Gwangyang was completed in the second quarter, and down by 8.6 percent year on year, amid flood. In the given quarter, the company’s finished steel sales decreased by 4.1 percent compared to the previous quarter and down by 12.4 percent year on year to 7.9 million mt.
