SEOUL, April 24 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, said Friday that its first-quarter earnings fell 44.2 percent from a year earlier due to slow demand amid the spreading novel coronavirus.
Net profit reached 434.7 billion won (US$351.5 million) in the January-March period, compared with a profit of 778.4 billion won a year earlier, the company said in a regulatory filing.
Operating income reached 705.3 billion won, also down 41.4 percent from a year earlier. Sales fell 9.2 percent on-year to 14.54 trillion in the first quarter, it added.
POSCO said declines in operating income and sales are blamed on slowing demand from carmakers and other industries amid the economic fallout from the COVID-19 pandemic.
POSCO said it expects a tough business environment to persist due to the coronavirus outbreak.