South Korean steel major POSCO’s sales of cold-rolled sheet products fell by 6% on the year to 12.77 million tonnes (mnt) in CY22 against 13.64 mnt in the previous year, as per data from the Korea Steel Association.
Out of total sales, domestic sales were recorded at 5.44 mnt in 2022, down 10% from 6.04 mnt in 2021. On similar lines, export volumes dropped by 4% y-o-y to 7.33 mnt in 2022 compared with 7.60 mnt in the previous year.
Delayed recovery of demand from major industries like construction and home appliances and the disruption caused by typhoon Hinnamnor led to the decline in production and sales volumes during the year. Meanwhile, the impact was limited to some extent due to the company’s active recovery efforts to get back to normal.
Sales volumes rise in December
Cold rolled sheet sales rose on a monthly basis by 21% to 1.10 mnt in December compared with 908,000 t a month ago. On the other hand, sales edged down by 1% y-o-y from 1.11 mnt in December 2021.
Exports totalled 660,000 t in December, up 27% from 520,000 t in November, while the same fell by 5% y-o-y as against 692,000 t in the same period last year.
Domestic sales rose by 14% m-o-m to 443,000 t in December from 388,000 t in the previous month and sales increased by 4% from 424,000 t in December 2021.
Note: This article has been written in accordance with an article exchange agreement between Steel Daily and SteelMint.
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