SEOUL, April 24 (Reuters) - South Korean steelmaker POSCO reported a 41.4% fall in first quarter operating profit as the coronavirus pandemic curbed global steel demand, beating market estimates.
POSCO, the world’s fifth-largest steelmaker, said on Friday its consolidated operating profit for the January-March quarter was 705 billion won ($570.12 million) versus 1.2 trillion won a year earlier and an average estimate of 578 billion won from 14 analysts, according to Refinitiv SmartEstimate.
The company’s first-quarter revenue fell 9.2% to 14.5 trillion won. ($1 = 1,236.5800 won) (Reporting By Jane Chung; Editing by Raju Gopalakrishnan)
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