[Asia Economy Reporter Song Hwajeong] POSCO International is up more than 7% on strong second-quarter earnings.
As of 9:27 a.m. on the 22nd, POSCO International was trading at 25,100 KRW, up 1,650 KRW (7.04%) from the previous day.
On the previous day, POSCO International announced that its consolidated sales for the second quarter increased by 62.3% year-on-year to 8.5244 trillion KRW, and operating profit rose 26.5% to 170 billion KRW on a preliminary basis. The sales figure is the highest ever recorded for a single quarter. Kim Dongyang, a researcher at NH Investment & Securities, analyzed, "Trading led the strong performance due to increased steel sales volume from the continued integration of POSCO's overseas export channels and improved profitability from expanded construction project package orders," adding, "The investment corporation also showed strength due to strong palm prices, increased production volume, and higher sales of drive motor cores."
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