South Korean steelmaker Posco Holdings is expected to report a rise in third-quarter net profit on year, driven by higher steel prices and strong demand from the automotive and construction sectors.
A consensus estimate of analysts polled by FactSet shows that Posco Holdings is expected to post a net profit of 794.84 billion won ($588.6 million) for the July-September quarter, up from 704.39 billion won in the same period a year ago.
Analysts expect Posco Holdings’ revenue for the third quarter to rise 10% on year to 24.84 trillion won, driven by higher steel prices and strong demand from the automotive and construction sectors.
Posco Holdings is the world’s fifth-largest steelmaker by crude steel production capacity. The company produces a wide range of steel products, including hot-rolled, cold-rolled, and galvanized steel.
The expected rise in Posco Holdings’ third-quarter net profit is a positive sign for the company and the South Korean steel industry. It shows that the company can benefit from higher steel prices and strong demand from the automotive and construction sectors.
The automotive and construction sectors are two of the largest consumers of steel. The recovery of these sectors from the COVID-19 pandemic is boosting demand for steel and supporting steel prices.
In addition, the ongoing war in Ukraine has also led to higher steel prices, as Russia and Ukraine are major steel exporters.
The expected rise in Posco Holdings’ third-quarter net profit is also good news for the South Korean economy. Posco Holdings is one of the largest companies in South Korea, and its performance is a key indicator of the health of the South Korean economy.
Posco Holdings is expected to report a rise in third-quarter net profit on year, driven by higher steel prices and strong demand from the automotive and construction sectors. The expected rise in profit is a positive sign for the company, the South Korean steel industry, and the South Korean economy.
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