South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial and operational results for the second quarter this year.
In the given period, the company reported an operating profit of KRW 607 billion ($432.55 million), up by 6.8 percent compared to the previous quarter and down by 19.3 percent year on year. In the given quarter, POSCO’s revenue decreased by 5.1 percent year on year to KRW 17.55 trillion ($12.5 billion), while its net profit amounted to KRW 84 billion ($59.86 million), decreasing by 84.6 percent compared to the same quarter of the previous year.
In the second quarter of this year, POSCO produced 8.37 million mt of crude steel, falling by 3.2 percent compared to the previous quarter and up by 4.6 percent year on year. In the given quarter, the company’s finished steel sales increased by 0.2 percent compared to the previous quarter and rose by 3.9 percent year on year to 8.17 million mt.
The company noted that despite slow global steel demand and intensifying trade protectionism, its overseas steel operating profit margin increased moderately.
