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Posco 4Q Operating Profit Rose 55% on Shipments of High-Margin Steel Products

   By Kwanwoo Jun 
 

Posco's fourth-quarter operating profit rose 55% from a year earlier, driven by growing shipments of high-margin steel products for vehicles.

Operating profit for the quarter ended Dec. 31 was 863.40 billion Korean won ($778.9 million), compared with operating profit of KRW557.60 billion in the same quarter a year earlier, the South Korean steelmaker said Thursday. That beat a FactSet consensus forecast for operating profit of KRW838.11 billion.

Revenue during the quarter fell 4.9% to KRW15.264 trillion. Quarterly net-profit figures weren't available.

For 2020, revenue fell 10% to KRW57.793 trillion, net profit declined 9.8% to KRW1.788 trillion and operating profit was 38% lower at KRW2.403 trillion.

Posco said pandemic-suppressed steel demand and lower average selling prices weighed on its 2020 earnings despite demand recovery in the auto industry in the second half.

 

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

 

(END) Dow Jones Newswires

January 28, 2021 04:12 ET (09:12 GMT)

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