POSCO Holdings Inc. (PKX) Q3 2023 Earnings Call Transcript

POSCO Holdings Inc. (NYSE:PKX) Q3 2023 Earnings Call Transcript October 24, 2023 2:00 AM ET

Company Participants

Jeong Ki-Seop – President, Co-CEO, CSO

Han Young-Ah – Head of Investor Relations

Lee Kyung-seop – Chief of LiB Materials Business

Conference Call Participants

Kim Sang-hoon – HI Investment & Securities


We will now begin the 2023 Third Quarter Earnings Release Conference Call of POSCO Holdings. As for today’s conference call, after the presentation of POSCO Holdings, we will have a Q&A session with the participants. [Operator Instructions] Now we will start the call.

Jeong Ki-Seop

Good afternoon, ladies and gentlemen. I am Jeong Ki-Seop, CSO of POSCO Holdings. First and foremost, I would like to extend my gratitude to all the investors and shareholders for your keen interest in POSCO Holdings.

In Q3, we saw increasing global geopolitical tensions as well as persisting worldwide economic slowdown due to the high interest rate policy initiated by the U.S., which resulted in further uncertainties to the business environment. Amidst the ongoing economic slowdown and rising costs due to inflation, there were many challenges in business operations. However, through proactive pricing adjustments and cost-cutting efforts, we achieved a consolidated revenue of KRW18.9 trillion and operating profit of KRW1.1962 trillion.

In particular, our steel business generated robust profits through improved product mix, lower raw material costs and cost-cutting efforts, despite a drop in selling prices due to deteriorating market conditions, a decrease in product output resulting from major equipment repairs. Such performance underscores that our group’s global competitiveness and efficiency in the steel sector continue to be a significant foundation for sustaining profits and cash generation, even in challenging economic conditions.

The secondary battery materials business is now in its initial phase, as production facilities are being completed. At this stage, what is crucial is consistent and ongoing

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