Posco Sees 2021 Rev KRW76.4T Vs. KRW57.8T >005490.SE

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By Kwanwoo Jun
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Posco on Wednesday said it expects its operating profit to hit a record high in 2021 amid strong demand for steel products and higher average selling prices.

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The South Korean steelmaker said it estimated operating profit of 9.2 trillion won ($7.73 billion) last year, nearly quadruple from KRW2.4 trillion in 2020.

The preliminary earnings forecast broadly met a FactSet-compiled market consensus estimate of KRW9.274 trillion for the full year.

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The company said in a regulatory filing that revenue is expected to grow 32% to KRW76.4 trillion in 2021.

Encouraging preliminary earnings estimates come as Posco is looking to wind up its domestic steel business in a major regime change. It plans to convert the existing entity into a holding company to cover other unlisted entities such as overseas-steel, mining, construction, lithium and hydrogen businesses.

POSCO is scheduled to release its full quarterly and annual earnings reports later this month.

Write to Kwanwoo Jun at [email protected]om

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