POSCO Holdings' Q2 Operating Profit Reaches 819 Billion Won Amid Strong Performance in LNG and Steel; Lithium Business Posts First Profit

POSCO Holdings achieved a significant improvement in its second-quarter financial performance, posting an operating profit of 819 billion won. This growth was fueled by a robust showing in its steel, liquefied natural gas (LNG), and palm oil businesses, alongside stabilized lithium production. The company's strategic focus on key sectors is yielding positive results, demonstrating resilience amidst global economic fluctuations. The secondary battery materials division, a critical area for future growth, returned to profitability. This turnaround was attributed to factors such as the revaluation of cathode material inventory and rising lithium prices, but also reflected genuine improvements in sales volume and production efficiency. POSCO Holdings reported consolidated revenue of 19.26 trillion won and a net profit of 761 billion won for the quarter. The company has sustained a growth trend in revenue and profit since the fourth quarter of last year, indicating a strong operational recovery across its diverse business portfolio. Despite challenges like Middle East-induced supply chain concerns and a high exchange rate environment, POSCO Holdings saw its steel, secondary battery materials, and infrastructure segments all outperform the previous quarter. The steel division, in particular, managed to increase both sales and operating profit due to higher product prices and sales volumes, even with rising raw material and oil costs. This comprehensive performance highlights POSCO Holdings' successful navigation of market complexities and its effective strategic execution.