POSCO Holdings Inc. (PKX) Q1 2026 Earnings Call

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WEBVTT 00:00:01.027 -- 00:00:03.670 Hello, I head up the Finance and R&R Division at Posco Holdings. 00:00:03.670 -- 00:00:08.697 My name is Kim Sung-Joon. First, I'd like to thank everyone participating in the 2026 00:00:08.697 -- 00:00:13.803 first quarter earnings call. Thank you to the investors and analysts. 00:00:13.803 -- 00:00:16.827 In the first quarter, the U.S.-Iran 00:00:16.827 -- 00:00:21.573 war disrupted the energy supply chain, which triggered greater fluctuations in the financial 00:00:21.573 -- 00:00:24.176 market that led to unstable exchange rates. 00:00:24.176 -- 00:00:29.107 So we witnessed aggravated challenges. Despite these headwinds, POSCO Holdings recorded 00:00:29.107 -- 00:00:34.392 consolidated revenue of $17.9 trillion and $710 00:00:34.392 -- 00:00:39.238 billion in operating profits. Improvements are observed in both revenue and profit against 00:00:39.238 -- 00:00:44.023 the previous quarter. Looking at each business sector in rechargeable battery materials, 00:00:44.023 -- 00:00:48.908 lithium prices rose, helping lithium production subsidiaries to perform significantly 00:00:48.908 -- 00:00:54.093 reducing losses. Particularly in Pasco, Argentina, plant operation is ramped up 00:00:54.093 -- 00:00:57.337 while elevated lithium price continues to hold. 00:00:57.337 -- 00:01:00.862 As a result, in March it recorded the first-ever monthly profit. 00:01:00.862 -- 00:01:04.927 We believe this strong performance will continue in the second quarter. 00:01:04.927 -- 00:01:09.333 And in the second quarter, we also anticipate Pasco, Argentina's first-ever quarterly 00:01:09.333 -- 00:01:14.419 profit. In steel, despite volume growth in sales, rise in FX causes 00:01:14.419 -- 00:01:17.487 us to pay more for raw materials, squeezing profit. 0...