South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its financial results for the first quarter of the current year, reporting a net profit of KRW 977 billion ($857.45 million), compared to a net profit of KRW 338 billion in the same quarter of the previous year.
In the first quarter, POSCO's sales revenues increased by 21 percent year on year to KRW 15.07 trillion ($13.23 billion), while its operating profit amounted to KRW 1.37 trillion ($1.19 billion), compared to an operating profit of KRW 660 billion recorded in the same quarter of the previous year.
In the period in question, POSCO produced 9.08 million mt of crude steel, stable year on year, while its finished steel sales were unchanged year on year at 8.72 million mt.
For the full year of 2017, POSCO expects its consolidated revenues to be approximately KRW 54.8 trillion ($48.09 billion). The company’s finished product sales are estimated to be 34.6 million mt, while crude steel production is projected to be 37 million mt.