⁍ POSCO posted a 36% fall in year-on-year operating profit in the third quarter.
⁍ But profits fell by less than expected as a rebound in the automobile industry underpinned demand for steel.
⁍ The world’s fifth-biggest steelmaker said steel production and sales recovered to pre-COVID-19 levels.
– South Korean steelmaker POSCO posted a 36% fall in year-on-year operating profit in the third quarter, but profits fell by less than expected as a rebound in the automobile industry underpinned demand for steel, reports Reuters. The world’s fifth-biggest steelmaker said steel production and sales recovered to pre-COVID-19 levels during the quarter as coronavirus restrictions eased globally, after demand for steel was hard hit by the pandemic earlier this year. POSCO said in a statement it expected continued improvement in sales and profitability, as well as solid cash flows, in the current quarter.
Source: https://www.reuters.com/article/posco-results/south-korea-poscos-profit-falls-more-slowly-in-third-quarter-on-improved-demand-for-steel-idUSKBN2780A8