POSCO Holdings has reported operating profits almost halved last year amid a steep drop in global demand.
The holding company of South Korea's largest steelmaker announced Friday that its 2022 operating profit plunged 46-point-seven percent on-year to four-point-nine trillion won.
Revenue rose eleven percent to 84-point-eight trillion while net profit fell 50 percent to three-point-six trillion won.
The company attributed its lackluster performance to waning overseas demand for steel, typhoon damage that brought the Pohang steel mill to a halt, as well as a prolonged strike by unionized truck drivers.
In an effort to save costs and secure liquidity, POSCO launched an emergency task force this week and expects its bottom line to improve this year after hitting the lowest point in last year's fourth quarter. It believes global iron ore and steel prices will gradually rise as Chinese industies resume operations.