Posco Holdings reports sharp profit drop in 2024
Time:Thu, 06 Feb 2025 09:18:48 +0800
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Posco Holdings reported a significant decline in its 2024 financial performance, affected by both steel industry challenges and reduced EV battery demand.
Key financial results included:
Operating profit: 2.17 trillion won, down 38.4% year-over-year, below the expected 2.65 trillion won.
Revenue: 72.69 trillion won, down 5.8%, missing analyst estimates of 7.3 trillion won.
Net profit: 950 billion won, down 48.6% from 1.85 trillion won in 2023.
The company attributed the poor performance to a downturn in the steel industry and restructuring costs, which resulted in one-off losses of 1.3 trillion won.
These results reflected the consolidated earnings of all subsidiaries, including Posco, Posco Future M, and Posco International.
