POSCO to raise stainless prices in June
South Korean steelmaker Posco (POSCO) has announced its consolidated financial results for the first quarter of 2022. Its operating profit in the first quarter was 2.25 trillion won ($1.8 billion), a sharp increase from 1.55 trillion won in the same period last year, due to rising steel demand; the company’s revenue rose 32.8% year-on-year to 21.34 trillion won ($17.02 billion) in the first quarter. ; Net profit was 1.91 trillion won ($1.52 billion), compared with 1.14 trillion won in the same period last year.
It is reported that the company froze the price of stainless steel products in May after raising 300 series stainless steel by 500,000 won/ton in April, mainly because the real economy has not yet recovered, but plans to raise stainless prices in June to reduce the cost burden.
In the first quarter of 2022, POSCO stainless steel production reached 523,000 tons, an increase of 1.6% month-on-month and a year-on-year increase of 7.2%.