South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for the first quarter of 2022, reporting an operating profit of KRW 2.25 trillion ($1.80 billion), compared to an operating profit of KRW 1.55 trillion in the first quarter in 2021, amid rising steel demand.
In the given quarter,POSCO’s revenue increased by 32.8 percent year on year to KRW 21.34 trillion ($17.02 billion), while its net profit amounted to KRW 1.91 trillion ($1.52 billion), compared to a net profit of KRW 1.14 trillion in the first quarter last year.
In the first quarter this year,POSCOproduced 8.77 million mt ofcrude steel, falling by 8.2 percent compared to the same period of the previous year, due to the revamping of major facilities. In the given period, the company’s finished steel sales decreased by four percent year on year to 8.45 million mt, as production decreased.
POSCO’s predicts that its revenue in 2022 will total KRW 77.2 trillion.