October 24, 2019 / 4:48 AM / a month ago

S.Korea's POSCO Q3 operating profit down 32.1% y/y

SEOUL, Oct 24 (Reuters) - South Korean steelmaker POSCO said on Thursday its third-quarter operating profit fell 32.1% from a year earlier, due to higher raw material costs and weak demand, in line with market forecasts.

POSCO, the world’s fifth-biggest steelmaker, said its consolidated July-September operating profit was 1.0 trillion won ($854.34 million), versus 1.5 trillion won a year earlier.

That was in line with an average estimate of 1.0 trillion won from 17 analysts, according to Refinitiv SmartEstimate.

The company’s revenue fell 2.6% to 16.0 trillion won. ($1 = 1,170.5000 won) (Reporting By Jane Chung; Editing by Himani Sarkar)

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