[Concall] POSCO "Automotive Steel Sheet Operating Rate Will Take Time to Recover to Pre-COVID Levels"

Q3 Operating Rate Recovers to 80% Level of Q1

[Asia Economy Reporter Hwang Yoon-joo] POSCO announced on the 21st that its automotive steel sheet production operating rate is expected to recover to 80% of the first quarter level in the third quarter of this year.

At the second quarter earnings conference call, POSCO stated, "The biggest factor affecting product prices and performance in the second quarter was the sharp decline in orders from the automotive industry," adding, "It fell to less than half of the previous level."

They continued, "The operating rate in Korea is about 75% compared to the first quarter, China is at full operating capacity, and the United States is at about 60%," and explained, "In the third quarter, it is expected to recover to about 80% of the first quarter level."

They also added, "It will take time for the automotive steel sheet operating rate to recover to the level before the COVID-19 pandemic."

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