POSCO's Q2 net profit surges 18 times on robust steel demand for cars, ships, construction

POSCO’s Q2 net profit surges 18 times on robust steel demand for cars, ships, construction

There is heavy demand for steel used in cars, ships, and construction amid the global economic recovery from the pandemic.

POSCO's second-quarter net profit soared from 100 billion last year to 1.81 trillion won this year on heavy demand for steel used in cars, ships, and construction amid the global economic recovery from the pandemic.

Operating profit for the second quarter jumped from 170 billion won in the same period last year to 2.2 trillion won this year, which is 9.5 percent higher than the average estimate.

The figures represent POSCO's highest quarterly operating profit since 2006.

Sales jumped 33.3 percent to 18.29 trillion won in the second quarter from 13.72 trillion won last year.

The price hike for its products also boosted POSCO's bottom line.

Shares in POSCO rose 4.69 percent to 346,000 won on the Seoul bourse, outperforming the broader KOSPI’s 1.07 percent gain.

POSCO said its price hike of products also boosted its bottom line.

Shares in POSCO rose 4.69 percent to 346,000 won on the Seoul bourse, outperforming the broader KOSPI’s 1.07 percent gain.

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