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 639 billion ($446.67 million) in the given quarter, up by 4.7 percent compared to the second quarter. In the third quarter, POSCO’s revenue decreased by 1.6 percent quarter on quarter to KRW 17.26 trillion ($12.06 billion), while its net profit amounted to KRW 387 billion ($270.53 million), compared to a net profit of KRW 84 billion in the previous quarter.
In the third quarter of this year, POSCO produced 8.79 million mt of crude steel, rising by 4.9 percent quarter on quarter and down by 4.7 percent year on year, while its finished steel sales totaled 8.24 million mt, increasing by 0.8 percent compared to the previous quarter and remaining stable year on year. Despite price drop, lower raw materials cost and higher production and sales continued to drive up operating profit margin.
