trending Market Intelligence /marketintelligence/en/news-insights/trending/NVgGMGCpgztprgS0yO6q4w2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

POSCO Q2 net profit jumps YOY, sees China reforms boosting steel prices

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020

Report Outlooks of Lithium and Cobalt

Essential Metals & Mining Insights July 2020


POSCO Q2 net profit jumps YOY, sees China reforms boosting steel prices

POSCO said July 21 that its second-quarter net profitjumped to 221 billion South Korean won from 117 billion won a year ago, while operating profit fellto 679 billion won from 686 billion won a year ago.

Revenue for the quarter came in at about 12.857 trillion won,down from 15.190 trillion won booked a year ago.

According to the company, its second-quarter crude steel productionfell to about 9.01 million tons from about 9.32 million tons year over year,while steel product output was slightly lower at 8.86 million tons, compared to8.93 million tons a year ago.

For the full year, the steel major is targeting consolidatedrevenue of 58.7 trillion won, up from 58.2 trillion won recorded in 2015.

The company expects to produce 37.2 million tons of crudesteel this year, down from 38.0 million tons produced in 2015.

POSCO expects steel prices to remain stable in the third quarterwhile expecting a slowdown in European demand due to the British decision toexit the EU. In China, auto production is expected to increase as economicstimulus measures have started to take effect.

Consolidated net debt is expected to fall to 14.6 trillionwon this year from 16.5 trillion won a year ago, with CapEx estimated at 2.8trillion won, compared to 2.5 trillion won in 2015.

For the second half, the company expects steel prices tostay around US$350 per tonne for hot-rolled coil in China but sees long-termbenefits for steel prices from China's move to restructure its steel industry, Reuters wroteciting POSCO Vice President Kim Young-joong.

"We believe restructuring in China will happen in thenext four to five years, as China is struggling with trade regulationsworldwide and facing pressure from the United States and the EuropeanUnion," Reuters quoted Kim as saying in an investor call.

POSCO said it has completed the sale, liquidation andconsolidation of 45 subsidiaries and completed the sale of seven companies inthe first half of the year as part of its restructuring plan to save costs.

As of July 20, US$1was equivalent to 1,141.58 South Korean won.