[Concall] POSCO Holdings "Q4 Earnings Shock Due to Typhoon Causing 1.7 Trillion KRW Loss"

2022 Performance Announcement

[Asia Economy Reporter Choi Seoyoon] POSCO Holdings stated during the conference call on the fourth quarter results of last year held on the 27th, "The reason for the operating loss of approximately 425 billion KRW in the fourth quarter of last year was due to losses of about 1.7 trillion KRW caused by typhoon recovery costs and sluggish sales."

Lee Seon-gyu, CFO of POSCO, said, "The operating profit target for last year was 4 trillion KRW. From January to August, we were on track with 3.2 trillion KRW, but about 1.3 trillion KRW was spent on inventory valuation losses and recovery costs due to the flooding accident in Naengcheon. Due to sluggish sales caused by the deteriorating market conditions in the fourth quarter, an additional loss of about 400 billion KRW was incurred, resulting in a total loss of 1.7 trillion KRW."

Panoramic view of POSCO Center, Gangnam-gu, Seoul. [Photo by POSCO]