[Special Stock] POSCO Rises 5% Intraday on Strong Steel Price Outlook
[Asia Economy Reporter Minji Lee] POSCO's stock price is showing an upward trend amid expectations that its strong steel prices will continue to boost its earnings.
At 9:45 a.m. on the 27th, POSCO was trading at 375,500 KRW, up 3.6% from the previous trading day. During the day, the stock price rose to 383,000 KRW, marking a 5.6% increase.
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On the previous day, POSCO announced that its first-quarter sales reached 16.1 trillion KRW and operating profit was 1.55 trillion KRW, representing growth of 10% and 120% respectively compared to the same period last year. POSCO is expected to maintain its earnings growth trend in the second quarter as well. Minjin Bang, a researcher at Eugene Investment & Securities, stated, "Due to the global steel price increase, the company is also aggressively raising export and domestic prices. In particular, with the price increases for shipbuilding steel plates and global automobile-related products reflected in the first half of the year, a significant rise in the average selling price (ASP) comparable to the previous quarter is expected in the second quarter."
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