POSCO Inter, Q2 Sales Reach Quarterly Record High... Operating Profit Also Up 26% YoY

[Asia Economy Reporter Ki-min Lee] POSCO International announced on the 21st that it achieved its highest quarterly sales of 8.5245 trillion KRW, operating profit of 170 billion KRW, and net profit of 126.2 billion KRW in the second quarter of this year. These figures represent increases of 62% and 26% compared to the same quarter last year.

In particular, buoyed by rising raw material prices, sales set a new quarterly record following the previous quarter, reaching 15.6115 trillion KRW in the first half of the year?an increase of approximately 5 trillion KRW compared to the previous year. Operating profit for the first half recorded 296.9 billion KRW.

POSCO International explained that the expansion of trading in domestic and overseas steel businesses, as well as improved performance from key subsidiaries such as POSCO SPS, Indonesian palm oil, and the Uzbekistan cotton subsidiary, contributed to this growth.

In the steel business, the company developed global customers by integrating group export channels and expanded sales of POSCO WTP products through marketing efforts, resulting in an increase in sales of about 1.1 trillion KRW compared to the previous quarter.

Subsidiary POSCO SPS achieved a milestone by surpassing 10 billion KRW in quarterly operating profit, driven by the steel market upturn and increased sales of drive motor cores, a key component for electric vehicles.

POSCO International plans to continue steady performance growth by strengthening existing businesses and accelerating the development of new businesses. In the mid to long term, the steel business is expanding the supply of steel materials for green energy projects such as wind and solar power, while the energy business is building a foundation for long-term profit generation through securing additional resource reserves and exploration.

Additionally, under the vision of becoming a global Top 10 comprehensive food business company, the company is expanding food handling volumes and continuing mid- to long-term investments to expand the food value chain, including farming operations and logistics facilities.

The drive motor core business, central to the eco-friendly vehicle parts sector, has set goals to supply 4 million units by 2025, achieve over 20% global market share, and reach annual sales of 750 billion KRW. Furthermore, together with domestic small and medium-sized enterprises, POSCO International is leading the development and sales of future car-related parts such as magnets and half shafts, fostering future growth through expanding global orders.

A POSCO International official stated, "Along with steady performance, we will strengthen our position as a global comprehensive business company by focusing on nurturing core businesses such as steel, energy, and food, as well as new businesses including eco-friendly materials and electric vehicle parts."

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