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South Korea's POSCO racks up record profit on strong steel demand

Company braces for higher costs stemming from EU Green Deal

South Korean Steelmaker POSCO's operating profit rebounded strongly in April to June, helped by strong demand from global automakers and shipbuilders.   © Reuters

SEOUL -- Steel giant POSCO's operating profit reached an all-time high in the second quarter thanks to strong demand from global shipbuilders and home appliance makers.

South Korea's largest steelmaker said Thursday that its operating profit soared more than 1,100% to 2.2 trillion won ($1.9 billion) in the three months through June, rebounding sharply from 170 billion won in the same period in 2020, when it was hit hard by the coronavirus pandemic. POSCO's revenue, meanwhile, rose 33.3% to 18.3 trillion won during the same period.

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