South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for the second quarter this year.
In the given period, the company reported an operating profit of KRW 429 billion ($300.53 million), up by 19.8 percent compared to the previous quarter and up by 36.8 percent year on year. In the given quarter, POSCO's sales revenue increased by 18.2 percent year on year to KRW 9.62 trillion ($6.74 billion), while its net profit amounted to KRW 247 billion ($173.1 million), increasing by 173.3 percent compared to the same quarter of the previous year.
According to the statement, despite a worsening business environment caused by Middle East energy supply chain risks and a strong won trend, POSCO continued its improvement momentum, with consolidated sales and profit increasing since the fourth quarter of last year.
In the steel segment, POSCO increased sales and operating profit quarter-on-quarter, supported by higher selling prices and sales volume despite rising raw material costs and oil prices.
