POSCO profit soars on higher steel prices

SEOUL: South Korean steel maker POSCO reported yesterday that its net profit had more than tripled in the second quarter, thanks to strong prices for high-quality steel in a tight market. 

Spot prices of steel products fell sharply during the quarter on slowing demand, but industry leaders like POSCO escaped unscathed by maintaining keen prices because the supply of high-quality products remained short. 

POSCO, the world’s third largest steel maker behind Europe’s Arcelor and Japan’s Nippon Steel Co, posted 550 billion won (US$467.3mil) in net profit for the three months ended June 30, compared with a 168 billion won profit a year ago. 

Turnover rose to 3.53 trillion won from 2.8 trillion previously. 

POSCO said its average selling price during the January-June period this year was 18.7% higher than a year earlier. 

For the six months to June, POSCO's net profit came in at 1.02 trillion won on sales of 6.79 trillion won, up 184% and 25% respectively from a year before. – Reuters  

For Another perspective from The Korea Herald, a partner of Asia News Network, click here


For more foreign business news click here

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

KPMG to pay RM333mil to M’sian govt as 1MDB settlement, says Finance Ministry
China stocks down over 1% on Evergrande fallout fears
Tobacco firm Philip Morris seals deal for UK's Vectura with 75% support
Asian shares fall on Chinese developers' woes
Japan cuts economic view on weaker production, spending due to Covid revival
HK stocks drop 2% to 2021 low on Evergrande contagion fears
Indonesia's Telkom to pursue IPO of unit in Q4, plans spinoffs
Malaysia's Kimanis oil exports to fall on issue at Shell field
Oil prices extend gains after draw in U.S. stocks
Asian shares fall again, dollar drifts

Stories You'll Enjoy