POSCO Holdings Reports Record Quarterly Operating Profit of 2.3 Trillion KRW in Q1 (Comprehensive)

[Asia Economy Reporter Oh Hyung-gil] POSCO Holdings recorded the highest quarterly performance in its history.

POSCO Holdings announced on the 14th that its operating profit for the first quarter was tentatively estimated at 2.3 trillion KRW, a 43.9% increase compared to the same period last year.

First-quarter sales amounted to 21.3 trillion KRW, up 32.8% year-on-year.

Both operating profit and sales are the highest ever recorded for the first quarter. It is interpreted that the strong steel raw material prices led to a significant increase in steel prices, driving strong performance for POSCO, the major steel subsidiary.

The company explained, "Due to the transition to a holding company, dividend income was included in operating performance, and for comparative presentation, the previous period's dividend income was reclassified from non-operating income to operating profit."

POSCO Holdings plans to hold a first-quarter earnings conference call on the 25th.