South Korea's largest steel company, POSCO, said its operating profit for the April-June period rose 44.3 percent from the same period last year due to increased profits from steel sales.
POSCO, the world's fifth-largest steelmaker, said its consolidated operating income rose to 979.1 billion won ($ 870.95 million) in the second quarter.
Operating margin for the quarter was 6.6 percent versus 5.3 percent in the previous year, POSCO reported. Revenue was up 16.2 percent from a year ago to 14.9 trillion won.
Steel rebar futures in China are up about 36 percent this year, boosted by economic growth in the global steelmaker and Beijing's efforts to reduce oversupply.
But the rise in raw material prices eased to POSCO's second-quarter earnings from the previous quarter. Coking coal prices have risen after cyclones in Australia destroyed rail lines to ports earlier this year earlier this year.
POSCO's operating profit in the second quarter was 28 percent lower than in the first quarter, when the margin was 9.1 percent.
The company predicts that operating income will improve in the third quarter on the back of increased production and sales and a likely decline in raw material costs.
POSCO Profit Jumps 44% In Q2 At Annual Level
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Azovpromstal® 21 July 2017 г. 11:43 |
