POSCO Holdings reports profit drop by half in 2022

 

 

By Steve Yoon

 

Posco Holdings has reported a 50 percent operating profit drop in 2022, largely due to a typhoon in September and a steep drop in global demand. 

 

Net profit of the holding company was 3.6 trillion won ($2.9 billion) last year, down 50 percent on year, falling short of the 4.7 trillion won, the company said in a regulatory filing.

 

Annual revenues came in at 84.8 trillion won, up 11.1 percent, falling short of the 84.8 trillion won. Operating profit plummeted 46.7 percent to 4.9 trillion won. It failed to meet the market expectation of 5.8 trillion won.

 

Consolidated earnings include those of its subsidiaries, a list that includes Posco, Posco Chemical and Posco International.  Posco lost an estimated 1.3 trillion in sales as a result of typhoon damage. The Pohang plant completely resumed operations on Jan. 20, 135 days after the typhoon.  

 

The company attributed its slump in its 2022 earnings to waning overseas demand for steel, typhoon damage that brought the Pohang steel mill to a halt, as well as a prolonged strike by unionized truck drivers.

 

The production of cold-rolled steel sheets and stainless steel was hit hardest by the  typhoon which killed more than 10 people, and caused severe flooding and damage.

 

POSCO has launched an emergency task force this week and expects its bottom line to improve this year after hitting the lowest point in last year's fourth quarter

 

 

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POSCO Holdings reports profit drop by half in 2022 (sankyungtoday.com)

POSCO Holdings reports profit drop by half in 2022