Posted on 26 Jan 2024
South Korean steel giant Posco Holdings Inc. on Tuesday announced an on-year decrease in financial indicators, according to its filings to the U.S. Securities and Exchange Commission.
Annual consolidated sales were reported to fall 9% from the year-ago level to KRW 77.13 trillion ($57.79 billion). Meanwhile, net profit slumped 48.5% to KRW 1.83 trillion, Kallanish notes.
Posco, the main steel business segment of the group, contributed to about 56% and 78% of the consolidated sales and profits respectively. Due to Posco being newly established in a reorganisation in March 2022, Posco Holdings did not give Posco’s annual growth in terms of sales and profits in 2023.
However, Posco Holdings still blamed the halved earnings to “the decline in steel price affected by deteriorating market condition and the underperformance of the Green Materials and Energy Segment.”
Source:Kallanish
