These results indicate an 8% decrease in revenue and 43.3% decrease in operating income compared to the same period last year. However, compared to the previous quarter, revenue increased by 2.5% and operating income by 29%.
Steel production and sales declined, mainly due to renovation work at the Pohang steel plant. However, higher selling prices and lower raw material costs led to a slight increase in operating income. The company took steps to improve production efficiency while fulfilling its environmental responsibilities through technological innovations to reduce carbon.
In the infrastructure sector, the performance of POSCO International and POSCO E&C improved. Recertification of gas field reserves and progress on major projects boosted revenues in this area. However, the secondary battery materials business performed weakly due to lower prices of cathode materials and initial operating costs of new plants. Nevertheless, higher sales volumes of high nickel content cathodes allowed the company to maintain profitability in this sector.
POSCO Holdings is developing hydrogen-powered steelmaking technologies to accelerate environmental sustainability efforts in steelmaking. It is also focusing on the production of secondary battery materials such as lithium and nickel, and natural gas field expansion projects. The company has committed to a robust return policy for shareholders, such as share buyback and disposal worth KRW 2 trillion.
Going forward, the company stated that it aims to continue to grow through green transformation efforts in steelmaking and investments in its secondary battery materials business.
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