POSCO's consolidated operating profit amounted to 1,365 billion won in the first quarter of this year. The steel maker's quarterly operating profit recovered to the 1-trillion-won level thanks to the improvement in the performance of its non-steel subsidiaries such as POSCO Engineering & Construction and POSCO Daewoo.
The company announced on April 18 that it posted sales of 15.07 trillion won, operating profit of 1.36 trillion won and net profit of 976.9 billion won in the January-March period of this year. Year on year, sales, operating profit and net profit all rose 20.9 percent, 106.8 percent and 188.6 percent, respectively.
A quarter ago, POSCO failed to achieve the 1-trillion-won level operating profit in the fourth quarter of last year due to the slump of the global steel market. The operating profit-to-sales ratio also improved to 9.1 percent from 3.1 percent a quarter earlier.
POSCO officials said, "In the past, most of our operating profit stemmed from the steel business. In the first quarter, however, we chalked up profits evenly throughout the entire spectrum of businesses ranging from general trading (POSCO Daewoo) to construction and engineering (POSCO Construction)."