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 743 billion ($539.52 million) in the given quarter, down by 1.2 percent compared to the second quarter, due to a decline in sales prices. In the third quarter, POSCO’s revenue decreased by one percent quarter on quarter to KRW 18.32 trillion ($13.3 billion), while its net profit amounted to KRW 497 billion ($360.85 million), decreasing by 8.9 percent compared to the previous quarter.
In the third quarter this year, POSCO produced 9.23 million mt of crude steel, rising by 16.5 percent quarter on quarter with the completion of major repairs, and down by 0.8 percent year on year, while its finished steel sales increased by 4.9 percent compared to the previous quarter and were down by 1.5 percent year on year to 8.2 million mt.
