Finance

Steelmaker POSCO reports highest-ever quarterly profit in Q3

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The brand of POSCO is seen on the firm’s headquarters in Seoul, South Korea, July 20, 2016. REUTERS/Kim Hong-Ji

SEOUL, Oct 25 (Reuters) – South Korean steelmaker POSCO reported its highest-ever quarterly working revenue within the third quarter, as a surge in metal costs was fanned by diminished provide from China.

POSCO, the world’s sixth-largest steelmaker, stated on Monday its consolidated working revenue for the July-September quarter was 3.1 trillion received ($2.63 billion), matching its forecast earlier this month.

It reported 667 billion received in working revenue a yr earlier.

Income rose 45% to twenty.6 trillion received within the third quarter.

On Monday, POSCO revised up its consolidated 2021 income goal to 74.1 trillion received from 66.4 trillion received beforehand, because it anticipated tight metal provide to proceed for the remainder of the yr.

China, the world’s high metal producer, noticed September every day crude metal output fall to its lowest since December 2018, because of environmental curbs to scale back smog and carbon emissions in addition to an influence crunch in lots of areas.

POSCO shares rose 1.3% after the earnings outcomes had been revealed, whereas the broader market was down 0.1%.

($1 = 1,177.2300 received)

Reporting by Joyce Lee & Heekyong Yang; Modifying by Christopher Cushing and Richard Pullin

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