POSCO increased steel production by 6% q/q in the first quarter

In the first quarter of 2023, the South Korean steel company POSCO Group increased steel production by 6% compared to the fourth quarter of 2022 – up to 8.499 million tons. Compared to the same period last year, the indicator decreased by 3%. Steelmint reports about it.

Steel sales in January-March reached 8.16 million tons, which is 8% more compared to October-December 2022 and 3% less compared to the first quarter of last year.

“Quarterly volumes of crude steel production and sales of finished products increased compared to the previous quarter. The full recovery of work after the floods has contributed to the improvement of production and sales volumes,” the message says.

The company’s revenue for three months increased by 11% compared to the previous quarter – up to 9.62 billion won. In annual terms, income decreased by 15%

In the first quarter of 2023 South Korea has cut production of steel by 1.5% compared to the same period in 2022 – to 16.7 million tons. In March, steel production in the country increased by 1.9% y/y – to 5.8 million tons.

As GMK Center reported earlier, POSCO intends by 2030 to reduce carbon emissions by 10%. To do this, the company is investing $14 billion in the construction of two electric arc furnaces at plants in Kwangyang and Pohang, which are planned to be launched in 2025 and 2027, respectively.

POSCO intends to switch to carbon-free steel production until 2050. The company plans to achieve climate neutrality by using hydrogen and renewable energy sources in steel production.