POSCO Holdings has reported that its operating income nearly halved in 2022 largely due to a typhoon in September and an industry downturn. Its operating income stood at KRW 4.9 trillion (USD 3.96 billion) in 2022, sharply down from an operating income of KRW 9.2 trillion in 2021. Its sales however rose 11% YoY to KRW 84.8 trillion.POSCO Holdings said the slump in its 2022 earnings was blamed on typhoon-related damage and a downturn in the steelmaking sector amid an economic slump. In September, POSCO was forced to halt three blast furnaces at its steel mill and steel processing facilities in Pohang, 272 kilometers southeast of Seoul, as Typhoon Hinnamnor pounded the facilities. The production of cold-rolled steel sheets and stainless steel was hit hardest by the powerful typhoon that killed more than 10 people, and caused severe flooding and damage.The steelmaker earlier judged the storm to have cost it KRW 2.04 trillion in lost revenue and has estimated a drop of KRW 1.3 trillion in its 2022 operating income due to the typhoon and the costs for the recovery.
POSCO Holdings has reported that its operating income nearly halved in 2022 largely due to a typhoon in September and an industry downturn. Its operating income stood at KRW 4.9 trillion (USD 3.96 billion) in 2022, sharply down from an operating income of KRW 9.2 trillion in 2021. Its sales however rose 11% YoY to KRW 84.8 trillion.POSCO Holdings said the slump in its 2022 earnings was blamed on typhoon-related damage and a downturn in the steelmaking sector amid an economic slump. In September, POSCO was forced to halt three blast furnaces at its steel mill and steel processing facilities in Pohang, 272 kilometers southeast of Seoul, as Typhoon Hinnamnor pounded the facilities. The production of cold-rolled steel sheets and stainless steel was hit hardest by the powerful typhoon that killed more than 10 people, and caused severe flooding and damage.The steelmaker earlier judged the storm to have cost it KRW 2.04 trillion in lost revenue and has estimated a drop of KRW 1.3 trillion in its 2022 operating income due to the typhoon and the costs for the recovery.
