SMM7 23-July 23, South Korean steelmaker Posco released second-quarter results said that due to rising raw material costs depressed profits, its second quarter operating profit fell 15%, in line with market expectations.
Among them, the operating income of Posco (Zhangjiagang) stainless Steel Co., Ltd. (ZPSS) in the second quarter was US $695 million, up 4.51% from the previous month, and the operating profit was US $6 million, down 14.29% from the previous month. WTP sales increased from 86 kilotons in the first quarter to 95 kilotons in the second quarter (an increase of 9 kilotons).
Posco believes that while the stainless steel market faces increased inventory and weaker demand, the company has grown profits by expanding WTP sales and reducing costs.
Zhangjiagang Posco stainless Steel Co., Ltd. is located in Zhangjiagang City, Jiangsu Province along the Yangtze River Economic Development Zone. Founded on February 15, 1997, it is a Sino-foreign joint venture specializing in the production of stainless steel, which is jointly invested by South Korean POSCO and Jiangsu Shagang Group.
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