POSCO cuts crude steel output forecast for 2020 due to COVID-19 pandemic
2020-04-24 14:37:05 [Print]
POSCO said on Friday it has lowered its production and sales forecasts for 2020 by 7% as the COVID-19 pandemic continues to hit demand.
Crude steel production is now forecast at 34.1 million mt for 2020, down 7.1% from 36.7 million mt earlier, and sales at 32.4 million mt, down 7.4% from 35 million mt earlier, the company said.
The revised forecasts came as POSCO reported its crude steel production over January-March fell 3.6% YOY and sales fell 3.5% YOY as the company undertook upgrading and maintenance works.
POSCO's crude steel output in the first quarter was also down 5.6% from the previous quarter at 9.07 million mt, while its steel product output was down 2.7% over the same period at 8.72 million mt, and down from 9.04 million mt the year before. The company attributed the decline in Q1 output partly to a revamp of its No. 3 blast furnace at Gwangyang that began February 12 and will end May 28.
Crude steel production is now forecast at 34.1 million mt for 2020, down 7.1% from 36.7 million mt earlier, and sales at 32.4 million mt, down 7.4% from 35 million mt earlier, the company said.
The revised forecasts came as POSCO reported its crude steel production over January-March fell 3.6% YOY and sales fell 3.5% YOY as the company undertook upgrading and maintenance works.
POSCO's crude steel output in the first quarter was also down 5.6% from the previous quarter at 9.07 million mt, while its steel product output was down 2.7% over the same period at 8.72 million mt, and down from 9.04 million mt the year before. The company attributed the decline in Q1 output partly to a revamp of its No. 3 blast furnace at Gwangyang that began February 12 and will end May 28.
