Posco’s 1Q 2019 in Line With Expectations; FVE cut to KRW 285,000 on Higher Raw Material Prices
Posco’s first-quarter 2019 EBIT decreased by 19% year over year to KRW 1.20 trillion from KRW 1.49 trillion in the same period last year, within our expectations. This was despite a 1% year-over-year increase in revenue to KRW 16 trillion. The fall in EBIT is mainly due to a decline in profitability in its parent company (which is predominantly its steel business) and its Engineering and Construction subsidiary, Posco E&C. This is partly mitigated by a stronger contribution from its trading ...POSCO is engaged in the manufacture and distribution of steel rolled products and plates in the domestic and overseas markets. Co. manufactures and sells a diversified line of steel products, including cold rolled and hot rolled products, stainless steel products, plates, wire rods and silicon steel sheets. Also, Co. is able to meet a broad range of customer needs from manufacturing industries that consume steel, including automotive, shipbuilding, home appliance, engineering and machinery industries. Co. operates two steel plants, Pohang Works and Gwangyang Works in the Republic of Korea.
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