S.Korea's POSCO Q2 operating profit dives 84.3%, misses estimates

Credit: REUTERS/© Kim Hong-Ji / Reuters

South Korean steelmaker POSCO posted a sharper than expected 84.3% slump in second-quarter operating profit, weighed down by weak steel demand in the midst of the coronavirus pandemic.

SEOUL, July 21 (Reuters) - South Korean steelmaker 005490.KS POSCO posted a sharper than expected 84.3% slump in second-quarter operating profit, weighed down by weak steel demand in the midst of the coronavirus pandemic.

POSCO, the world's fifth-largest steelmaker, said on Tuesday its consolidated operating profit for the April-June quarter was 168 billion won ($140.20 million), compared with 1.1 trillion won for the same period a year earlier and down from an average Refinitiv estimate of 291 billion won from 14 analysts.

The company's second-quarter revenue fell 15.9% to 13.7 trillion won.

($1 = 1,198.3000 won)

(Reporting By Jane Chung; Editing by Tom Hogue and Muralikumar Anantharaman)

((jane.chung@thomsonreuters.com; +82 2 6936 1459;))

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