POSCO Holdings Inc. (PKX) Q4 2025 Earnings Call

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WEBVTT 00:00:00.368 -- 00:00:05.431 Greetings. I head up the Finance and IR Division at Posco Holdings. 00:00:05.934 -- 00:00:10.339 My name is Kim Sung-Chun. This is Posco Holdings' 2025 full-year earnings release. 00:00:10.339 -- 00:00:13.222 I'd like to welcome the participants, investors, and analysts. 00:00:13.222 -- 00:00:14.984 Thank you. 00:00:14.984 -- 00:00:16.966 In 2025, 00:00:16.966 -- 00:00:21.849 we experienced global trade policy shifts and economic slowdown. 00:00:22.292 -- 00:00:26.336 It was a challenging environment. We put our effort into protecting our short-term profits. 00:00:26.336 -- 00:00:30.457 At the same time, as a business group, we built a foundation for future growth. 00:00:30.457 -- 00:00:35.865 2025 consolidated revenues declined 5% year-on-year, recording 69.1 trillion 00:00:35.865 -- 00:00:40.271 won. Operating profit declined 16% to 1.8 trillion won. 00:00:40.271 -- 00:00:44.097 While POSCO's OP grew from 3.9% to 5%, 00:00:44.097 -- 00:00:49.265 we failed to meet our goals due to the accidents at POSCO EMC that led to construction 00:00:49.265 -- 00:00:54.953 halt, as well as the ramp-up costs that enter the books for the new lithium and precursor 00:00:54.953 -- 00:00:58.776 plants that were commissioned at the end of 2024. 00:00:59.549 -- 00:01:02.213 The fourth quarter profits were especially weak. 00:01:02.213 -- 00:01:05.156 The reason was communicated in last quarter's release. 00:01:05.156 -- 00:01:09.963 Kohang HR plant and other facilities have gone into major repair schedules, triggering 00:01:09.963 -- 00:01:14.449 production volume cuts. Also, large volume imports that flooded our market prior to the 00:01:14.449 -- 00:01:19.355 preliminary AD tariffs on HR products were still being consumed, causing a temporary 00:01...