POSCO : Important Notice of the Company Management - Form 6-K
September 16, 2022 at 08:20 am EDT
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Important Notice of the Company Management
(Disclosure of POSCO HOLDINGS' Subsidiary Company POSCO)
Subject
Update on production resume schedule of major mills in Pohang Steelworks and estimated impact on revenue
Important Updates
- Three blast furnaces which are the core facilities of the steelworks, two FINEX plants and steelmaking and continuous casting facilities are returned to normal operation as of September 16, 2022, and resumed production of semi-finished steel(slab)
- The production resumption of major mills is planned to be carried out with the following target schedule.
* September 2022 : #1 Cold Rolling Mill, #2/#3 Electrical Steel Mill
* October 2022 : #1 Hot Rolling Mill, #2/#3 Plate Mill
* November 2022 : #1/#4 Wire Rod Mill, #2 Cold Rolling Mill, Electro Galvanized Steel Mill
* December 2022 : #3 Wire Rod Mill, #2 Stainless Steel Cold Rolling Mill, #2 Hot Rolling Mill, and etc.
- Based on target production resumption schedule above, potential reduction of revenue is estimated to be around KRW 2.04 trillion. However, it is provisional estimation and may vary in the future.
Other matters to be factored into investment decisions
- POSCO is a major subsidiary of POSCO HOLDINGS, accounting for 43.9% of the total consolidated assets. The total assets of subsidiary company and the consolidated total assets of parent company are based on the 1Q consolidated financial statements of POSCO HOLDINGS as of March 31, 2022 which is after the vertical spin-off.
- Gwangyang Steelworks is operating normally. Therefore, a part of the slabs produced in Pohang Steelworks will be transferred to Gwangyang for continuous processing. In addition, repair schedule of Gwangyang Steelworks will be adjusted to process extra slabs from Pohang.
- Information provided above may be subject to change due to the restoration process and conditions of Pohang Steelworks. We will provide further disclosure if the schedule changes.
ø Related Disclosures
- Resumption of Production (September 14, 2022)
- Suspension of Production (September 7, 2022)
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Disclaimer
POSCO Holdings Inc. published this content on 16 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2022 12:19:07 UTC.
Posco Holdings Inc, formerly Posco, is a Korea-based company principally engaged in the manufacture and distribution of steel products. The Company operates its business through four segments. The Steel segment produces and sells steel products such as hot rolled steel, cold rolled steel, stainless steel, among others. The Trading segment engages in the global trade, including the export and import of steel products. The Engineering and Construction (E&C) segment plans, designs and builds industrial plants, civil engineering projects, commercial and residential buildings. The Other segment is engaged in the power plants, information and communication related services and other businesses.
POSCO HOLDINGS INC. 
