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In 2024, POSCO, the South Korean steel giant, reduced its steel production by 1.1% year-on-year, reaching 33.17 million tons, according to SteelOrbis. Additionally, sales of rolled products decreased by 1% to 32.8 million tons.
The drop in both production and sales was largely due to the ongoing reconstruction of the company’s blast furnaces. Despite global demand being weak, POSCO saw an increase in sales of high value-added products.
The company reported an operating profit of KRW 2.17 trillion ($1.5 billion) in 2024, a significant decline from KRW 3.53 trillion in 2023. Sales revenue also fell by 5.7% year-on-year to KRW 72.68 trillion ($50.25 billion), while net profit dropped by 48.6% to KRW 948 billion ($655.55 million).
To navigate the current market downturn, POSCO Holdings is focused on restructuring efforts in 2025, including the sale of low-margin and non-core businesses.
During a recent conference call, POSCO executives discussed their potential expansion into the US steel market and the possibility of facing import tariffs on their products in Mexico. Currently, POSCO’s shipments to the US are relatively small, amounting to only 100,000 tons, which minimizes the impact of potential tariffs. The company also mentioned its cautious approach to investing in the mining industry in the US due to market volatility.
POSCO and India’s JSW Steel have announced plans to jointly invest 650 billion rupees (approximately $7.73 billion) in a steel plant in Odisha, a state in eastern India. The plant, with an initial capacity of 5 million tons per year, will be a key part of their strategy to tap into the growing steel market in India.
