The consolidated financial results of South Korean steel manufacturer POSCO for the first quarter of 2022 have been announced. Due to the increase in steel demand, its operating profit in the first quarter was 225 trillion won (1.8 billion US dollars), a significant increase from the same period last year’s 155 trillion won; In the first quarter, the company’s revenue increased by 32.8% year-on-year to 21.34 trillion Korean won (17.02 billion US dollars); Net profit was KRW 1.91 trillion (USD 1.52 billion), compared to KRW 1.14 trillion in the same period last year.
In the first quarter of this year, POSCO produced 8.77 million tons of crude steel, a year-on-year decrease of 8.2%, mainly due to equipment refurbishment. Due to a decrease in production, the company’s sales of finished steel decreased by 4% year-on-year to 8.45 million tons during the same period.
The company expects its revenue to reach 77.2 trillion Korean won in 2022.
