 "Steelmaker POSCO reports highest-ever quarterly operating profit in Q3")
South Korean steelmaker POSCO reported its highest-ever quarterly operating profit in the third quarter, as a surge in steel prices was fanned by reduced supply from China.
POSCO, the world's sixth-largest steelmaker, said on Monday its consolidated operating profit for the July-September quarter was 3.1 trillion won ($2.63 billion), matching its forecast earlier this month.
It reported 667 billion won in operating profit a year earlier. Revenue rose 45% to 20.6 trillion won in the third quarter.
On Monday, POSCO revised up its consolidated 2021 revenue target to 74.1 trillion won from 66.4 trillion won previously, as it expected tight steel supply to continue for the rest of the year.
China, the world's top steel producer, saw September daily crude steel output fall to its lowest since December 2018, due to environmental curbs to reduce smog and carbon emissions as well as a power crunch in many areas.
POSCO shares rose 1.3% after the earnings results were published, while the wider market was down 0.1%.
($1 = 1,177.2300 won)
POSCO, the world's sixth-largest steelmaker, said on Monday its consolidated operating profit for the July-September quarter was 3.1 trillion won ($2.63 billion), matching its forecast earlier this month.
It reported 667 billion won in operating profit a year earlier. Revenue rose 45% to 20.6 trillion won in the third quarter.
Also Read
China, the world's top steel producer, saw September daily crude steel output fall to its lowest since December 2018, due to environmental curbs to reduce smog and carbon emissions as well as a power crunch in many areas.
POSCO shares rose 1.3% after the earnings results were published, while the wider market was down 0.1%.
($1 = 1,177.2300 won)
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%