South Korea: POSCO expects operating profit to rebound in Q1 CY ’21

POSCO – South Korea’s leading steel producer has estimated its first quarter CY ’21 operating profit at KRW 1.55 trillion – the highest in 10 years since the steelmaker reported KRW 1.7 trillion in the Q2 CY ’11. The hike in profit is due to robust demand amid global economic recovery from the COVID-19 pandemic. Sales rose 9.9% to KRW 15.99 trillion in Q1 ’21 from KRW 14.55 trillion in Q1 ’20, it said. The company plans to release its final quarterly results later this month.