POSCO Holdings Reports Operating Profit of 700 Billion KRW in Q1, Returns to Profitability

POSCO Holdings announced on the 18th that its consolidated operating profit for the first quarter of this year is preliminarily estimated at 700 billion KRW, turning to a profit compared to the previous quarter. Sales recorded 19.4 trillion KRW, a 1% increase from the previous quarter.

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This is higher than the operating profit forecasts of 500 to 600 billion KRW released by securities firms. POSCO Holdings explained, "This is estimated to be due to an increase in steel sales following the normalization of the Pohang Steelworks in January, along with improved performance in the energy and construction sectors compared to the previous quarter."

The market capitalization of the POSCO Group has increased by more than 20 trillion KRW since the beginning of the year. The stock price started at 277,000 KRW on January 2 and rose approximately 49.6% per share to close at 414,500 KRW on the 18th. POSCO Future M also rose about 107% per share from 184,500 KRW to 382,000 KRW. This is interpreted as a result of improving conditions in the steel industry and rising expectations for future materials industries such as secondary battery materials.

POSCO plans to hold an investor briefing on the 27th to disclose detailed performance information.

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