POSCO Holdings Inc. (PKX) Q4 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:01.516 -- 00:00:06.264 Good afternoon. Thank you for joining us at the Postco Holdings earnings call. 00:00:06.264 -- 00:00:11.353 We will have a presentation from Postco Holdings followed by a Q&A 00:00:11.353 -- 00:00:16.862 session with the participants. If you have any questions, please press the start key 00:00:16.862 -- 00:00:22.051 and then number one on your phone. We will now begin the Postco 00:00:22.051 -- 00:00:24.395 Holdings 2024 earnings 00:00:24.395 -- 00:00:26.395 call. 00:00:28.617 -- 00:00:32.242 Greetings, everyone. I'm the Head of Finance and IR Division at POS Goldings. 00:00:32.242 -- 00:00:36.467 My name is Kim Sung-Joon. I'd like to begin by expressing my profound gratitude to the 00:00:36.467 -- 00:00:39.451 investors who offer unwavering attention and support to our business. 00:00:39.451 -- 00:00:45.338 Thank you. In 2024, various internal and external challenges impacted our business, 00:00:45.338 -- 00:00:50.945 resulting in consolidated account revenue of $72.7 trillion and operating profit of $2.2 00:00:50.945 -- 00:00:54.605 trillion, both of which declined against the previous year. 00:00:54.605 -- 00:00:59.474 In steel, China's oversupply and its construction industry in a recession pushed the 00:00:59.474 -- 00:01:03.943 excess volume to exports, causing steel price in Asia to remain suppressed. 00:01:03.943 -- 00:01:07.690 We also feel limited in our ability to improve mill margin. 00:01:07.690 -- 00:01:11.979 In energy materials, given the slow EV market growth rate, essential minerals prices 00:01:11.979 -- 00:01:16.407 have tumbled. This led to inventory value impairment that have adversely impacted our 00:01:16.407 -- 00:01:18.828 earnings performance. 00:01:19.934 -- 00:01:25.023 Especially notable last year has ...