Korean steel producer Posco Holdings reported a decline in net profit for Q2 2024, impacted by weak steel demand. The company’s net profit for the quarter ending in June was KRW 546 bln (USD 394.5 mln), a 29.6pct decrease compared to the same period last year.
Consolidated revenues for the second quarter totaled KRW 18.51 trillion (USD 13.3 bln), an 8pct drop YoY. The decrease in revenue was attributed to a slight drop in steel sector sales due to reduced production and sales from the refurbishment of Posco’s blast furnace.
During Q2, Posco produced 8 mln tons of crude steel, a 7.6pct decrease from the previous quarter and a 9.6pct decline YoY. Steel sales also fell by 4.5pct from the previous quarter and 7.4pct YoY, totaling 7.8 mln tons.
1 USD / 1,384 KRW
