POSCO Holdings reported sales of 17.437 trillion won and operating profit of 568 billion won for the first quarter of this year, according to a disclosure on the 24th. This represents a decrease of 3.4% and 1.7%, respectively, compared to the same period last year. Compared to the previous quarter, sales fell by 2.1% while operating profit increased by 470% (473 billion won). The net profit for the first quarter was 344 billion won, down 44.3% from the same period last year.
Although production and sales volumes in the steel business decreased, operating profit increased by 34.7% to 450 billion won compared to the previous quarter due to rising sales prices and cost reductions.
In the energy materials sector, the sales of high-nickel cathodes from POSCO FUTURE M expanded, and the variety of customers for anodes increased, leading to a reduction in the operating loss compared to the previous quarter.
The operating profit in the infrastructure sector, including energy, construction, digital transformation, and logistics, was 307 billion won, an increase of 181.7% compared to the previous quarter. This is interpreted as reflecting the increase in sales from POSCO INTERNATIONAL's gas fields and the improvement in the power sector's performance.
After the appointment of Chairman Jang In-hwa in March of last year, POSCO Group restructured its business around steel, energy materials, and new businesses under the '2Core+New Engine' strategy. The steel business is promoting a 'complete localization strategy' to secure local bases in high-growth, high-profit markets.