Posco’s 2022 stainless steel production and sales are down about 26 per cent and 25 per cent respectively

By Published On: May 16th, 2023Categories: Industry Dynamics0 Comments
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Posco released a report showing that its domestic stainless steel production in 2022 will decline by about 26% to 1.477 million tons from 1.996 million tons in the previous year. Among them, the production in the fourth quarter will decline from the first quarter to the lowest 151,000 tons in the year, down nearly 70.7% and 56.6% on the same quarter respectively. Sales volume of stainless steel for the year declined by about 25 percent to 1.487 million tons from 198.3 million tons in the previous year, with sales volume in the fourth quarter also declining from the first quarter to the year’s lowest of 186,000 tons, down nearly 64.1 percent and 47.2 percent sequentially.

The Pohang plant, which was hit by the disaster, has resumed normal operations, with the exception of the No. 1 thick plate production line, which has an annual capacity of 600,000 tons, which was shut down due to low efficiency. Among them, No. 2 stainless steel cold rolling line will resume production on December 24, 2022, and No. 1 stainless steel cold rolling line will resume production on January 20, 2023.

In its domestic steel business, crude steel production (including carbon and stainless steel) fell nearly 10.6 percent to 34.219 million tons in 2022, steel production fell nearly 9.9 percent to 32.273 million tons, and steel sales fell about 9.3 percent to 32.144 million tons (with domestic sales accounting for 2.8 percentage points to 56.3 percent). WTP product sales fell 3.9 percentage points to 28.6 percent), sales revenue rose nearly 7 percent to 42.695 trillion won, gross operating profit (EBITDA) fell about 48.3 percent to 4.673 trillion won, Operating profit fell 65.5 percent to 2.295 trillion won due to higher input costs, lower production and sales, and flood damage, while operating profit margin dropped 11.3 percentage points to 5.4 percent. In the fourth quarter, sales revenue was 8.675 trillion won and operating loss was 623 billion won.

For the full year, sales at its overseas steel business rose about 10.2 percent to 23.933 trillion won, while operating profit fell 1 trillion won to 474 billion won. In the fourth quarter, sales of 5.487 trillion won and operating loss of 166 billion won.

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