South Korea: Posco has recorded sales revenue of KRW 65,098.4 billion (US$58.9 billion) and business profit of KRW 3,213.5 billion on a consolidated basis. Despite the slump in domestic and international market conditions, sales revenue increased by 5.2 percent and business profit margin also grew by 7.3 percent. Net profit recorded KRW 556.7 billion due to the reflection of temporary non-operating loss, such as losses associated with tax investigation. 

The company’s own sales consist of revenue of KRW 29,218.9 billion and business profit of KRW 2,350 billion. It has set a goal of achieving EBITDA KRW 8,500 billion and three times lower debt to EBITDA on a consolidated basis in 2016. Its result for the first year of the mid-term management plan show it is on track, having achieved EBITDA of KRW 6,500 billion and 4.4 time lower in debt to EBITDA on a consolidated basis. 

According to the company, they plan to strengthen the competitiveness of steel this year. It aims to sell 50 million tons of steel products. In addition, it will increase its current number of global Technical Service Center (TSC) to 29 centres and expand in the share of high-profit World Premium (WP) products by 36 percent in order to increase profitability. 

All in all, the company targets sales revenue of KRW 67,400 billion on a consolidated basis, and KRW 29,300 billion on a single basis. The target of crude steel production and product sales on a single basis is 38.40 million tons and 35.90 million tons respectively. It has set a target of EBITDA in 2016 of 8,500 billion KRW.