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Home Steel News South Korean POSCO’s net profit falls in Q2 y-o-y
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South Korean POSCO’s net profit falls in Q2 y-o-y

30 Jul 2019 13:52 reported by Joy Liu

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According to the report from POSCO, a leading steel manufacturer in South Korea, the firm’s net profit was around 545 billion won in the second quarter, down by 6% compared to the same period a year ago. Besides, its sales revenue had a year-on-year decrease of 3% to 7.5 trillion won roughly, and the operating profit dropped by 12% year on year to around 720 billion won.

POSCO said that although the current economy slowed down and trade war between China and the US hasn’t totally finished, the demand for steel in 2019 forecasted by China has raised to 1% from the previous 0%, which was mainly driven by the government's policy. Also, POSCO said that the supply situation was improved since Vale has increased its iron ore production.

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