SEOUL, April 24 (Xinhua) -- POSCO, South Korea's biggest steelmaker, posted a double-digit fall in the first-quarter profit on the economic fallout from the COVID-19 outbreak, a regulatory filing showed Friday.
Consolidated operating profit tumbled 41.4 percent over the year to 705.3 billion won (570.5 million U.S. dollars) in the January-March quarter.
Revenue slipped 9.2 percent to 14.5 trillion won (11.7 billion U.S. dollars), and net income plunged 44.2 percent to 434.7 billion won (351.6 million U.S. dollars).
The double-digit fall in profit was ascribed to weaker global demand for steel products, caused by the COVID-19 outbreak across the globe.
The steelmaker forecast that the difficult business environment would continue amid a lower product price and a weaker demand especially from the automotive and construction industries. Enditem
