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South Korea’s POSCO posts record profit on strong steel demand recovery By Reuters

© Reuters. FILE PHOTO: The brand of POSCO is seen on the firm’s headquarters in Seoul, South Korea, July 20, 2016. REUTERS/Kim Hong-Ji

By Joyce Lee

SEOUL (Reuters) – South Korean steelmaker POSCO (NYSE:) posted its highest ever quarterly revenue on Thursday, as robust industrial demand and surging metal costs boosted its income.

The world’s sixth-biggest steelmaker by manufacturing as of 2020 unveiled a plan to boost its annual metal manufacturing capability to greater than 60 million tonnes by 2030, from 46 million tonnes as of 2020.

It additionally lifted its 2021 income goal to 37 trillion gained from 32.8 trillion gained because it expects tight provide to proceed for the remainder of this 12 months, particularly within the home market, in keeping with feedback in its earnings name.

Consolidated working revenue got here in at 2.2 trillion gained ($1.91 billion) for April-June, matching an organization forecast made earlier this month, and barely beating market consensus of two.1 trillion gained, in keeping with Refinitiv Smartestimate.

POSCO had reported about 170 billion gained in working revenue a 12 months earlier, when gross sales had been hit by the coronavirus pandemic.

Income rose 33% to 18.3 trillion gained within the final quarter.

Analysts anticipate metal demand to proceed to outpace provide within the second half of this 12 months in main markets corresponding to the US and Europe, pushed by plans to spice up infrastructure spending and lower carbon emissions, bolstering metal costs.

POSCO shares rose 2.7% after the quarterly numbers had been revealed, whereas the broader market was up 1%.

($1 = 1,151.6400 gained)

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