POSCO Expects Highest Ever Profit in April-June Quarter
South Korean steel giant POSCO has estimated that its operating profit for the April-June 2021 quarter would be KWR 2.2 trillion (USD 1.9 billion), its highest ever quarterly earnings. Revenue totalled at KWR 18.2 trillion won, up 13.4% QoQ and 32.8% YoY. POSCO said “The strong preliminary earnings guideline comes amid surging demand for steel from automakers, shipbuilders and construction firms in accordance with the gradual global economic recovery from the COVID-19 pandemic following increased vaccinations.”
The company plans to release the details of its second quarter earnings later this month and specify its business plans for the rest of the year during a scheduled conference call to investors, July 22.