© Reuters. FILE PHOTO: The logo of POSCO is seen at the company’s headquarters in Seoul, South Korea, July 20, 2016. REUTERS/Kim Hong-Ji/File Photo GLOBAL BUSINESS WEEK AHEAD
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By Hyunsu Yim
SEOUL (Reuters) – POSCO (NYSE:) Holdings, parent of South Korea’s biggest steelmaker POSCO, posted on Friday a 46.7% drop in last year’s annual operating profit due to a four-month suspension of its major steel plant in the country following a typhoon and flooding in September.
It reported an operating profit of 4.9 trillion won ($3.97 billion) for 2022, versus a 9.2 trillion won profit a year earlier.
The company had estimated earlier the flooding would cost it 1.3 trillion won in 2022, with the majority of the charge reflected in the fourth quarter.
POSCO said earlier this month operation at all of the 17 rolling mills at its plant in Pohang, southeast of the country, had been fully restored, 135 days after a typhoon caused a nearby river to overflow.
The consolidated operating profit fell in line with a 4.9 trillion won profit estimate the company provided last week.
($1 = 1,233.0400 won)
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