POSCO Holdings Q2 Operating Profit, Sales Down

(RTTNews) - South Korean steel manufacturer POSCO Holdings (PXX) reported Thursday second-quarter net profit of 546 billion Korean won.

Consolidated second-quarter sales were 18.51 trillion won and operating profit was 752 billion won. Compared to the same period last year, sales and operating profit decreased 8 percent and 43.3 percent, respectively.

Meanwhile, sales and operating profit increased 2.5 percent and 29 percent, respectively, on a sequential basis from the previous quarter.

The company noted that the steel sector's sales decreased slightly compared to the previous quarter due to decreased production and sales caused by the remodeling of POSCO's blast furnace, but operating profit increased slightly due to the increase in sales prices and decrease in raw material costs.

In the infrastructure sector, POSCO International sales and operating profit increased compared to the previous quarter.

In the secondary battery materials sector, POSCO Future M sales and operating profit declined sequentially.

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