By Kwanwoo JunPosco Holdings' second-quarter net profit fell 57% from a year earlier but remained on track for recovery after a profit turnaround in the previous quarter. The second-quarter reading missed a FactSet-compiled consensus forecast for net profit of KRW896.40 billion. Revenue fell 13% to KRW20.121 trillion, while operating profit dropped 38% to KRW1.326 trillion. Posco said Monday that it would expand its steel production based on low-carbon processing technology, unveiling its goal to produce 10.50 million tons of such low-carbon products by 2030. The company also said it aims to produce 1 million tons of steel plates used in drive motors for eco-friendly vehicles.

Source: Wall Street Journal July 24, 2023 03:38 UTC