(LEAD) POSCO Holdings Q3 net falls 1.8 pct amid lower lithium prices

POSCO Holdings Inc., South Korea's leading steelmaker, reported a 1.8 percent decline in its net profit for Q3 2022, falling to 380 billion won compared to 390 billion won in the same period last year. The decline was primarily due to lower lithium prices and seasonal factors, such as reduced production at the company's lithium plant in Argentina.

Despite these challenges, operating profit rose by 47.9 percent to 940 billion won, driven by higher selling prices and increased sales volumes in the steelmaking division. Sales for the quarter increased by 10.9 percent to 19.14 trillion won, while equity-method earnings from affiliates, including POSCO International Corp., also contributed to the improved bottom line.

For the first nine months of the year, POSCO Holdings' net profit more than doubled to 1.68 trillion won, with operating profit up by 36.2 percent to 2.47 trillion won.

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