POSCO Holdings' Q2 profit falls on surging raw material costs
South Korea's POSCO Holdings posted on Thursday a 4.5 per cent drop in second-quarter operating profit, in line with company estimates, as raw materials costs rose more sharply than prices of its steel products.
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The holding company of South Korea's largest steelmaker said consolidated operating profit fell to 2.1 trillion won ($1.61 billion) in the April-June quarter.
Revenue rose 25.7 per cent to a record 23 trillion won.
Its steelmaking unit POSCO raised prices of some products through negotiations with customers such as shipbuilders and automakers, but the efforts were outweighed by surging prices of coking coal, an essential material for steel production, analysts said.
Analysts added that POSCO Holdings' third-quarter operating profit is likely to fall from the second quarter as steel prices are expected to fall due to weak demand amid recession fears.