SEOUL, July 9 (Korea Bizwire) — South Korea’s leading steelmaker POSCO estimated Friday its second-quarter operating profit hit the highest point in 15 years on robust demand amid a global economic recovery from the COVID-19 pandemic.
Operating profit for the April-June quarter jumped to 2.2 trillion won (US$1.9 billion) from 121.2 billion won during the same period of last year, the company said in a regulatory filing.
It marked the highest quarterly operating profit since 2006, when the steelmaker reported its quarterly earnings through an investor relations session.
The hike came as POSCO raised prices of its products amid strong demand for steel used in cars, ships and construction.
Sales rose 32.8 percent to 18.22 trillion won in the second quarter from 13.7 trillion won a year ago, it said.
The company plans to release its final quarterly results later this month.
Shares in POSCO fell 0.44 percent to 338,000 won on the Seoul bourse, outperforming the broader KOSPI’s 1.07 percent decline.