Posco Holdings’ second-quarter net profit fell 57% from a year earlier but remained on track for recovery after a profit turnaround in the previous quarter.
Net profit was 776 billion Korean won (USD 603.1M), down from KRW 1.799T in the same quarter a year earlier, when strong postpandemic steel demand and prices had sent earnings temporarily higher.
The second-quarter reading missed a FactSet-compiled consensus forecast for a net profit of KRW 896.40bn.
Revenue fell 13% to KRW 20.121T, while operating profit dropped 38% to KRW 1.326T.
Both revenue and operating profit largely matched the company’s earlier preliminary forecasts.
Posco would expand its steel production based on low-carbon processing technology, unveiling its goal to produce 10.50 million tons of such low-carbon products by 2030.
The company aims to produce 1 million tons of steel plates used in drive motors for eco-friendly vehicles.
The company also aims to increase its annual lithium production to 423,000 tons by 2030, up 41% from its previous target.