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POSCO's Q2 earnings surge 34 pct on higher steel prices
Contact nowWorld's 4th largest steelmaker POSCO announced that its second quarter earnings climbed to a record high on cost saving efforts, solid demand and higher steel prices. POSCO attributed its record quarterly earnings to increased export prices and higher steel prices.
Its net profit in the April to June 2008 period reached KRW 1.49 trillion (USD 1.49 billion) up by 34.2% YoY as compared with KRW 1.11 trillion a year earlier. Its sales increased by 28.3% YoY to KRW 7.46 trillion and operating income gained 51% YoY to KRW 1.88 trillion.
POSCO said its steel output rose 7.8% YoY to 8.42 million tonnes in the second quarter and its sales of steel products reached 8.01 million tonnes up by 6.2% YoY. Export of steel products increased by 35.3% YoY to KWR 2.27 trillion.
Its accumulated profits in the first six months of the year amounted to KRW 2.52 trillion up by 20.4% YoY. First half sales increased by 17.4% YoY to KRW 13.5 trillion and operating income rose by 51% YoY to KRW 3.16 trillion.
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