POSCO International Reports 3Q Sales of 9.1 Trillion Won... Highest Quarterly Sales Ever

Impact of Rising Raw Material Prices and Other Factors

[Asia Economy Reporter Yu Je-hoon] POSCO International announced on the 22nd that its preliminary figures for the third quarter showed sales of 9.1515 trillion KRW and operating profit of 148.5 billion KRW. This represents an increase of 81% and 39% respectively compared to the previous year, with sales surpassing 9 trillion KRW for the first time in history.

In the third quarter, sales volume and revenue increased due to strong trading performance in the steel raw materials business and trading subsidiaries, along with continued strong performance from key subsidiaries such as POSCO SPS and the Uzbekistan cotton subsidiary.

In particular, responding to global carbon neutrality policies, the proportion of steel scrap usage in steel mills is increasing, leading to a stable supply system for steel raw materials and increased sales volume. The automotive steel sheet business achieved solid results through strengthened sales of POSCO WTP (World Top Premium) products. The Myanmar gas field also saw increases in both sales volume and operating profit compared to the previous quarter.

A POSCO International official stated, "We have recorded the highest quarterly sales ever through the third quarter and continue to achieve strong performance this year." He added, "As a global integrated business company, we will continue to foster new businesses such as eco-friendly car parts and materials alongside expanding core businesses in steel, energy, and food to sustain growth."

Meanwhile, POSCO International has prepared a long-term growth blueprint through its energy business growth roadmap. Following Myanmar, it has acquired exploration rights for the PM524 block in Malaysia and plans to conduct exploration for four years starting in the fourth quarter. Additionally, it is pursuing the acquisition of a specialized E&P company in Australia. Based on this, the company aims to establish a foothold for the group’s hydrogen economy business through carbon neutrality-linked projects.

Furthermore, POSCO SPS’s drive motor core business, an eco-friendly car part, aims to supply 4 million units by 2025, achieve a global market share of over 20%, and reach annual sales of 750 billion KRW. To meet the rapidly increasing demand, investment is underway to build a production base in China, and expansion into overseas hubs such as North America is under consideration.

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