South Korean steel manufacturer Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for the second quarter of this year.
In the reporting period, the company reported an operating profit of 429 billion Korean won ($300.53 million), an increase of 19.8 percent from the previous quarter and 36.8 percent year-on-year. In the reporting quarter, POSCO's sales revenue increased by 18.2% year-on-year to 9.62 trillion won ($6.74 billion), while net profit totaled 247 billion Korean won ($173.1 million), an increase of 173.3 percent compared to the same quarter of the previous year.
According to the statement, despite the deteriorating business environment caused by the energy crisis in the Middle East, supply chain risks and a steady upward trend, POSCO continued to increase its growth rate, with consolidated sales and profits increasing from the fourth quarter of last year.
In the steel segment, POSCO increased sales and operating profit compared to the previous quarter, driven by higher selling prices and sales volume, despite rising raw material costs and oil prices.
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