POSCO Articles Highest Operating Earnings in 10 Years
13 April, 2021
Steelmaker POSCO achieved the best operating profit in a decade during the first quarter of the year.
Sales in the primary three months of this year totaled W15.99 trillion, up ten percent on-year, while operating profit soared 120.1 percent to W1.55 trillion (US$1=W1,126).
The previous quarterly operating profit record was set in the next quarter of 2011 with W1.75 trillion.
The stellar earnings were due to explosive demand for metal products carrying out a recovery in revenue of cars and electronics along with more infrastructure projects around the world.
The World Metal Association estimates global steel demand this season will rise to at least one 1.79 billion tons, the highest in 20 years.
Chinese steelmakers also decrease production due to stricter environmental regulations. POSCO produced more money by raising prices to reflect the elevated prices of iron ore and coal. The cost of hot-rolled steel bed linens rose from W800,000 per ton early on this season to W1 million just lately, the best since 2008.
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