Posco flags W976b Q1 net profit

By Korea Herald

Published : April 18, 2017 - 17:57

- Link copied

Posco, South Korea’s largest steelmaker, posted 976.9 billion won ($856.6 million) in net profit for the first quarter of this year, up almost threefold on-year, due to enhanced profitability and higher steel prices, the company said Tuesday.

It also recorded an operating profit of 1.3 trillion won and 15.7 trillion won in sales, up 106.8 percent and 20.9 percent, respectively, on-year between January and March this year.

(Yonhap)

“Efforts made to enhance profitability have bearded fruit. Sales of world premium products, which are high-value products, made up 53.4 percent,” Posco said in a statement.

The steelmaker also attributed the swing to increased steel prices and lower production costs.

Posco will reduce the number of local subsidiaries to 32 firms by the end of this year and wrap up group restructuring efforts, the company said.

It also shared plans to transform the company into a “Smart Posco” to prepare for the next 50 years.

By Kim Bo-gyung (lisakim425@heraldcorp.com)

Korea Herald
Korea Herald
Articles by Korea Herald

Posco flags W976b Q1 net profit

More from Headlines