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(LEAD) POSCO Q2 net dips 84.6 pct on weak demand amid virus woes

All News 14:06 July 21, 2020

(ATTN: UPDATES with details and comments by POSCO in paras 4-5)

SEOUL, July 21 (Yonhap) -- POSCO, South Korea's top steelmaker, said Tuesday that its second-quarter earnings fell 84.6 percent from a year earlier due to slow demand amid the spreading novel coronavirus.

Net profit reached 104.9 billion won (US$87.5 million) in the April-June period, compared with a profit of 681.4 billion won a year earlier, the company said in a regulatory filing.

Operating income reached 167.7 billion won, also down 84.3 percent from a year earlier. Sales fell 15.9 percent on-year to 13.72 trillion in the second quarter, it added.

POSCO said the sharp declines in net profit are blamed on slowing demand and lower steel prices amid the economic fallout from the COVID-19 pandemic.

POSCO said it expects its performance could recover from the third quarter from its bottom in the second quarter.

The flag of South Korean steelmaker POSCO (Yonhap)

The flag of South Korean steelmaker POSCO (Yonhap)

entropy@yna.co.kr
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