POSCO Holdings Q3 Operating Profit 1.2 Trillion Won... "Steel Market Conditions Remain Weak" (Update)
POSCO Holdings announced on the 24th that it achieved consolidated sales of KRW 18.961 trillion and an operating profit of KRW 1.196 trillion in the third quarter. Compared to the same period last year, sales decreased by 10.4%, while operating profit increased by 33.3%.
Due to the sluggish global steel market, sales and operating profit decreased by 5.5% and 7.7%, respectively, compared to the previous quarter.
![[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2022081108405183095_1660174852.jpeg)
The steel division recorded sales of KRW 15.803 trillion and an operating profit of KRW 853 billion. Profit declined compared to the previous quarter due to reduced product production and sales as well as lower selling prices caused by the weak market conditions.
POSCO Holdings explained, "Through expanding the sales ratio of high value-added products, a decline in raw material prices, and cost reduction efforts, we were able to confirm global competitiveness and efficiency in the steel business."
In the secondary battery materials business, the company reaffirmed its goal to establish and secure a global market position in the growing market and shared the progress of its investments.
In the global infrastructure division, centered on POSCO International, operating profit continued to show solid performance due to increased sales volume from the Myanmar gas field and higher electricity demand during the summer season.
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During the conference call held on the same day, POSCO Holdings announced plans to build a global production system of 1 million tons by 2030, including the expansion of the Gwangyang 'High-grade NO' for eco-friendly vehicle motor cores, and revealed plans to establish a sales system of 7 million units by 2030 with the completion of a 1.5 million unit motor core factory in Mexico by POSCO International and POSCO Mobility Solutions. They also presented strategies to strengthen the competitiveness of the eco-friendly vehicle materials value chain.
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