POSCO Holdings Q4 net loss deepens on lower demand

Posco Holdings Q4 Net Loss Deepens On Lower Demand

Hyundai Steel's plant in Pohang, Gyeongsang Province / Courtesy of Hyundai Steel

Hyundai Metal’s plant in Pohang, Gyeongsang Province / Courtesy of Hyundai Metal

POSCO Holdings, the holding firm of Korea’s main steelmaker POSCO, mentioned Monday its fourth-quarter internet loss widened from a 12 months earlier attributable to a downcycle within the steelmaking trade.

Its internet loss widened to 703 billion gained ($480 million) within the three months resulted in December from 321 billion gained within the year-ago interval, the corporate mentioned in a press launch.

„Decrease demand for metal merchandise amid an oversupply of Chinese language metal items, and restore and upkeep work on furnaces that lowered manufacturing affected the quarterly outcomes,“ it mentioned.

Working revenue plunged 69 p.c on-year to 95 billion gained within the October-December interval. Gross sales fell 4.6 p.c to 17.8 trillion gained from 18.66 trillion gained over the cited interval.

For the entire of 2024, internet earnings plummeted 48.6 p.c to 950 billion gained from 1.85 trillion gained a 12 months earlier attributable to one-off elements.

„One-off losses price 1.3 trillion gained, stemming not solely from the corporate’s preemptive restructuring and streamlining applications however from a down cycle within the steelmaking trade, have been mirrored within the annual backside line,“ the spokesperson mentioned.

Working revenue plummeted 38.5 p.c to 2.17 trillion gained final 12 months from 3.53 trillion gained the earlier 12 months.

Gross sales fell 5.8 p.c to 72.69 trillion gained from 77.13 trillion gained throughout the identical interval.

To trip out the present market downturn, POSCO Holdings plans to proceed its restructuring efforts this 12 months, together with the sale of low-profit and non-core companies, to safe about 2.1 trillion gained in money holdings. (Yonhap)

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