POSCO Holdings Reports Operating Profit of 2.2 Trillion KRW Last Year, Down 38.5% YoY
POSCO Holdings reported an operating profit of 2.174 trillion KRW last year, marking a 38.5% decrease compared to the previous year.
On the 3rd, POSCO Holdings announced through a public disclosure that its consolidated sales for last year amounted to 72.688 trillion KRW, with an operating profit of 2.174 trillion KRW. This represents a decrease of 5.8% and 38.4%, respectively, compared to the previous year.
The company explained the poor performance by stating, "The domestic and international steel demand slump, oversupply of steel in China, and decline in prices of key minerals have negatively impacted the steel and secondary battery materials businesses amid worsening internal and external business environments."
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Additionally, it was explained that a one-time impairment loss and non-cash losses amounting to 1.3 trillion KRW were reflected, arising from restructuring of low-profit assets, business efficiency improvements, and valuation losses due to market deterioration.
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