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Commodities

Posco Q3 operating profit quadruples on rising steel prices

South Korean steelmaker aims to cut CO2 emissions 10% by 2030

South Korea's Posco is seeing profits soar on rising global steel prices.   © Reuters

SEOUL -- Steel giant Posco's operating profit more than quadrupled in the third quarter from a year ago thanks to rising global steel prices, resulting in record-high quarterly earnings.

South Korea's biggest steelmaker said on Monday operating profit hit 3.1 trillion won ($2.7 billion) in the July-September quarter, up 365.7% from the previous year. Revenue jumped 44.7% to 20.6 trillion won during the same period. Net profit, meanwhile, soared fivefold to 2.6 trillion won.

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