[Concall] POSCO Holdings "Production Facility Restoration Costs Expected to Increase by Up to 300 Billion KRW"

Q3 Earnings Conference Call

[Asia Economy Reporter Choi Seoyoon] POSCO Holdings stated on the 24th during the Q3 2022 earnings conference call that "the estimated impact on Q3 earnings due to the flooding of Naengcheon is a total of 583.2 billion KRW," adding, "of this, 435.5 billion KRW was recorded as operating profit loss and 147.7 billion KRW was accounted for as non-operating loss due to impairment of tangible assets."

POSCO Holdings said, "We estimated the loss amount as much as possible and processed it all in this quarter," and added, "there may be additional recognition in Q4, but even if so, it will be minimal."

They further explained, "The labor and consumable costs for restoring POSCO's production facilities amount to 91.6 billion KRW," and "restoration activities are expected to continue until the end of the year." They added, "If restoration costs are aggressively estimated, an additional maximum of about 300 billion KRW may be required in Q4."

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