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    A005490   KR7005490008

POSCO HOLDINGS INC.

(A005490)
  Report
End-of-day quote Korea Stock Exchange  -  2022-09-27
228000.00 KRW   -0.44%
09/27Posco : This disclosure is the amendment of the previous filing regarding Decision on Merger (Material Business Matters of Subsidiary Company) which was disclosed on August 12, 2022 - Form 6-K/A
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09/21Posco Chemical-OCI JV Commences Construction of Battery Coating Material Plant in South Korea
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09/19Posco : ② Green Energy
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POSCO Holdings' Q2 profit drops as raw material costs surge

07/21/2022 | 03:04am EDT

SEOUL, July 21 (Reuters) - South Korea's POSCO Holdings posted on Thursday a 4.5% drop in second-quarter operating profit, in line with its estimates, as costs for raw material rose more sharply than prices of its steel products.

The holding company of South Korea's largest steelmaker said its consolidated operating profit fell to 2.1 trillion won ($1.61 billion) in the April-June quarter, from 2.2 trillion won a year earlier. Revenue rose 25.7% to a record 23 trillion won.

Its steelmaking unit POSCO hiked prices of some products through negotiations with customers such as shipbuilders and automakers, but that was outweighed by surging prices of coking coal, an essential material for steel production, analysts said.

Analysts added that POSCO Holdings' third-quarter operating profit is likely to fall from the second quarter as steel prices are expected to drop due to weak demand amid recession fears.

Sluggish demand in China, the world's top producer and consumer of steel, is dragging on prices of the commodity, said Park Seong-bong, an analyst at Hana Financial Investment.

"Demand in China, though lockdowns were lifted, didn't recover at all in June, which was unexpected," he added.

Indicating weaker Chinese demand, the price of iron ore imported to the Chinese port of Qingdao plunged 35% to $104 per metric tonne in mid-July from $159 in April, industry data shows. Iron ore is used to make steel.

"Steel prices are projected to continue their downward spiral due to recession concerns and delays in China's infrastructure investments," said Byung Jong-man, an analyst at NH Investment & Securities.

Yi Hyun-soo, analyst at Yuanta Securities, said heavy rains and a heatwave in China were also discouraging steel demand.

However, market conditions should improve as steel-consuming companies stock up ahead of September-October, Yi added.

Chinese steel demand picks up in September and October after the summer lull as construction activity increases. ($1 = 1,307.3500 won) (Reporting by Byungwook Kim and Heekyong Yang; Editing by Muralikumar Anantharaman and Himani Sarkar)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BONG AB (PUBL) 2.76% 0.781 Delayed Quote.-10.17%
HANA FINANCIAL GROUP INC. 0.14% 36500 End-of-day quote.-13.20%
POSCO HOLDINGS INC. -0.44% 228000 End-of-day quote.-16.94%
POSCO INTERNATIONAL CORPORATION -4.52% 21100 End-of-day quote.-6.01%
All news about POSCO HOLDINGS INC.
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09/16Posco : Important Notice of the Company Management - Form 6-K
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09/14Posco : Resumption of Production - Form 6-K
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09/14POSCO Holdings Inc. Announces Resumption of Production
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Analyst Recommendations on POSCO HOLDINGS INC.
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Financials
Sales 2022 86 957 B 60,7 B 60,7 B
Net income 2022 5 138 B 3,59 B 3,59 B
Net Debt 2022 3 939 B 2,75 B 2,75 B
P/E ratio 2022 3,62x
Yield 2022 6,89%
Capitalization 16 608 B 11 592 M 11 592 M
EV / Sales 2022 0,24x
EV / Sales 2023 0,20x
Nbr of Employees 168
Free-Float 84,6%
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Technical analysis trends POSCO HOLDINGS INC.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 22
Last Close Price 228 000,00 KRW
Average target price 364 000,00 KRW
Spread / Average Target 59,6%
EPS Revisions
Managers and Directors
Jeong-Woo Choi Chairman & Co-Chief Executive Officer
In-Hwa Chang Co-President, Co-CEO & Director
Jung-Son Chon Co-Chief Executive Officer & Director
Seung-Kyu Lim Senior Managing Director & Head-Finance
Seong-Wook Lee Head-Legal & Compliance Support
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