S. Korea’s POSCO posts lower revenue and crude steel output for Q2

South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial and operational results for the second quarter this year. In the given period, the company reported an operating profit of KRW 752 billion ($542.57 million), up by 28.9 percent compared to the previous quarter and down by 43.2 percent year on year. In the given quarter, POSCO’s revenue decreased by eight percent year on year to KRW 18.51 trillion ($13.35 billion), while its net profit amounted to KRW 546 billion ($393.91 million), decreasing by 29.6 percent compared to the same quarter of the previous year. In the second quarter this year, POSCO produced eight million mt of crude steel, falling by 7.6 percent compared to the previous quarter and down by 9.6 percent year on year, due to blast furnace refurbishment. In the given quarter, the company’s finished steel sales decreased by 4.6 percent compared to the previous quarter and declined by 7.4 percent year on year to 7.85 million mt.