POSCO Inter, Q1 Sales Reach 7.087 Trillion Won... Largest Quarterly Scale

[Asia Economy Reporter Ki-min Lee] POSCO International announced on the 23rd that its consolidated sales for the first quarter of this year were tentatively estimated at 7.087 trillion KRW. This represents a 28.6% increase compared to the same period last year and is the largest quarterly figure in history.

Operating profit for the first quarter recorded 126.9 billion KRW, a 12.9% decrease compared to the same period last year. However, both operating profit and net profit (92.9 billion KRW) increased by 45.4% and 368.5%, respectively, compared to the previous quarter.

POSCO International explained that its performance improved from the previous quarter thanks to rising raw material prices and the global economic recovery trend. The trading business in steel, grains, and non-ferrous metals, as well as the strong performance of major overseas investment corporations such as the Indonesian palm oil and Uzbek cotton subsidiaries, contributed positively.

In trading, sales of steel products such as automotive steel sheets, cold-rolled steel, and steel raw materials increased, resulting in a more than 44% rise in steel transaction volume compared to the previous quarter.

Additionally, overseas investment corporations saw increased profits at PT.BIA, the Indonesian palm oil business operator, due to higher production volume and prices of CPO (Crude Palm Oil). The Uzbek cotton subsidiary's performance also improved due to expanded sales volume of cotton yarn.

POSCO International stated, "Despite market concerns over negative impacts from the recent Myanmar situation, we recorded the highest quarterly sales ever," adding, "We expect sales growth in new businesses, including performance improvements from mass production of eco-friendly automotive parts drive motor cores."

The company further said, "The Myanmar gas field recorded daily sales of 570 million standard cubic feet in the first quarter, exceeding the average sales volume," and added, "Although the prolonged COVID-19 pandemic caused some delays in the second phase development, postponing investment recovery, the impact of the Myanmar situation on performance is limited."

This content was produced with the assistance of AI translation services.