South Korean steel company Pohang Iron and Steel Co. (POSCO) reported operating profit of KRW 752 billion (USD 542.57 million), up 28.9% from the previous quarter and up 43.2%. less than last year.
For the quarter, POSCO's revenue decreased 8% year-on-year to KRW 18.51 trillion (USD 13.35 billion) and its net profit was KRW 546 billion won ($393.91 million), down 29.6% from the same quarter of the previous year.
In the second quarter of this year, POSCO produced 8 million tons of crude steel, down 7. 6% less than in the previous quarter and 9.6% less than the previous year due to the reconstruction of the blast furnace. In the quarter, the company's finished steel sales fell 4.6% less than the previous quarter and 7.4% less than the previous year to 7.85 million tons.
Total profit POSCO's steel business totaled 497 billion won in the second quarter, up from 339 billion won in the first quarter but less than half of the 1 trillion won a year earlier. The company reported higher margins as raw material costs fell and selling prices rose. However, overseas operations showed losses due to the influx of cheap imports into the Southeast Asian market and lower selling prices.
