South Korean steelmaker POSCO reported that its stainless steel production in the first quarter of 2023 was 392,000 tonnes, up nearly 160% from the previous quarter, but down 25% from the same period a year earlier.
During this period, POSCO's stainless steel sales increased by 93.5% q-o-q, but decreased by 27.3% y-o-y to 360,000 tonnes.
The company's first quarter production and sales recovered from the factory flooding caused by Typhoon Hinnamnor in September last year. With the gradual recovery of factory equipment, both production and sales are expected to increase after the second quarter.
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