Posco Holdings estimates 47% drop in operating profit

Posco Holdings, the holding firm of steelmaking conglomerate Posco Group, Friday estimated a 46.7 percent on-year drop in operating profit last year, mainly due to suspended operations in typhoon-hit steel manufacturing plants in Pohang

The firm's annual operating profit fell to 4.9 trillion won ($3.9 billion) from 9.2 trillion won in 2021.

Posco Holdings noted the temporary closing of manufacturing facilities in Pohang caused by a typhoon last year resulted in a loss of 1.3 trillion won in last year’s operating profit.

Its annual sales in 2022 are estimated at 84.8 trillion won, up 11.1 percent from the previous year’s 76.3 trillion won.

On Thursday, Posco said it completed the restoration of all 17 rolling mills at Pohang steel mill. The company added it would start normal operations on Friday, 135 days after temporary closing due to flooding caused by Typhoon Hinnamnor last year.

Posco Holdings said the company will unveil more detailed information regarding its earnings on Friday next week.