South Korean steel company Pohang Iron and Steel Co. (POSCO) announced consolidated financial results for the third quarter of this year.
The company reported operating profit of 639 billion won (US$446.67 million) in the quarter, up 4.7 percent from the second quarter. In the third quarter, POSCO's revenue decreased 1.6 percent quarter-on-quarter to 17.26 trillion won (US$12.06 billion), and its net profit was 387 billion won (US$270.53 million), compared with a net profit of 84 billion won in the previous quarter.
In the third quarter of this year, POSCO produced 8.79 million tons of finished steel sales volume amounted to 8.24 million tons, an increase of 0.8 percent compared to the previous quarter and remaining stable year on year. Despite falling prices, lower raw material costs and higher production and sales continued to drive operating profit growth.
