POSCO Holdings Q2 Operating Profit 1.3 Trillion KRW... 38% Decrease YoY

POSCO Holdings has recovered its quarterly operating profit to the 1 trillion won level for the first time since the Pohang Steelworks operation was halted due to the impact of Typhoon Hinnamnor in September last year. However, its performance significantly declined compared to the previous year due to the sluggish steel market conditions.

[Image source=Yonhap News]

POSCO Holdings announced on the 18th that its consolidated operating profit for the second quarter was tentatively estimated at 1.3 trillion won, an 85.7% increase from the previous quarter.

Sales amounted to 20.1 trillion won, down 12.6% from the same period last year but up 3.6% from the previous quarter.

The operating profit for the first half of the year was 2 trillion won, a 54.5% decrease compared to the same period last year. The main reasons for the decline in performance are analyzed to be the decrease in steel segment results due to the downturn in the construction industry, a major downstream sector, and the global decline in steel demand.

Meanwhile, POSCO Holdings plans to announce detailed first-half performance through an investor relations meeting on the 24th.

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