South Korea: POSCO's steel production, sales edge up q-o-q in Q3CY'24

South Korean steel giant POSCO has released its results for the third quarter of calendar year 2024 (Q3CY'24). The company's annual crude steel production and sales volumes showed an uptrend q-o-q.

The production volume and sales rebounded in Q3 following equipment refurbishment in Q2. The subsequent decrease in fixed costs contributed to a reduction in overall processing costs.

1) Crude steel production rises q-o-q: The company's crude steel production stood at 9.234 million tonnes (mnt) in Q3CY'24, up 15% q-o-q compared to 8.001 mnt in Q2CY'24. However, y-o-y, production fell slightly from 9.311 mnt in Q3CY'23.

2) Sales increase q-o-q: The company's sales increased by 5% q-o-q to 8.248 mnt in Q3CY'24 against 7.858 mnt in Q2CY'24. However, sales fell by 2% y-o-y from 8.377 mnt in Q3CY'23.

Other highlights

Revenue decreases q-o-q: The company's revenue from steel sales in Q3CY'24 stood at KRW 18,321 billion ($13 billion) showing a slight decline q-o-q from KRW 18,510 billion ($13 billion) in Q2CY'24. Moreover, revenues declined by 3% y-o-y against KRW 18,961 billion ($14 billion) in Q3CY'23.

POSCO International's performance: POSCO International reported a rise in steel revenues at KRW 8,356 billion ($6 billion) in Q3CY'24, a slight increase q-o-q compared to KRW 8,282 billion ($6 billion) in Q2CY'24. However, operating profits in Q3CY'24 edged up by 2% q-o-q to KRW 357 billion ($0.25 billion) in Q3CY'24 from KRW 350 billion ($0.25 billion) in Q2CY'24.