Core Points - POSCO Holdings Inc. filed its Annual Report on Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - The 2024 Annual Report can be downloaded from the company's website and the SEC's website [1] - Investors can request a hard copy of the 2024 Annual Report free of charge [1]

Revenue Performance - The Steel Segment generated revenue of W 44,547 billion in 2022, which decreased to W 40,393 billion in 2023, and is projected to further decline to W 39,104 billion in 2024, maintaining a percentage of 52.4% of total revenue for both 2022 and 2023, and increasing to 53.2% in 2024[127]. - The Trading Segment of the Infrastructure Business reported revenue of W 29,518 billion in 2022, which fell to W 24,034 billion in 2023, and is expected to decrease slightly to W 22,804 billion in 2024, accounting for 34.7% of total revenue in 2022, 31.2% in 2023, and 31.0% in 2024[127]. - The Secondary Battery Materials Segment's revenue increased from W 2,452 billion in 2022 to W 3,816 billion in 2023, and is projected to decrease to W 2,813 billion in 2024, representing 2.9% of total revenue in 2022, 5.0% in 2023, and 3.8% in 2024[127]. - Revenue decreased by 4.7%, or W 3,597 billion, from W 77,057 billion in 2023 to W 73,459 billion in 2024, primarily due to declines in external revenues across multiple segments[277]. - Total revenue from the Trading Segment of the Infrastructure Business decreased by 0.1%, or W 40 billion, from W 42,944 billion in 2023 to W 42,903 billion in 2024[280]. - Total revenue from the Secondary Battery Materials Segment decreased by 20.6%, or Won 992 billion, from Won 4,822 billion in 2023 to Won 3,830 billion in 2024[287]. Production and Capacity - The company produced approximately 39.2 million tons of crude steel and stainless steel in 2024, with an annual production capacity of 45.1 million tons[137]. - The actual crude steel output for PT. Krakatau POSCO in 2023 was 3.01 million tons, maintaining a capacity utilization rate of 100.5%[238]. - The capacity utilization rate for Pohang Works was 87.7% in 2023, while Gwangyang Works had a rate of 86.6%[236]. - The actual crude steel and stainless steel output increased from 38.6 million tons in 2022 to 39.9 million tons in 2023, with a slight decrease to 39.2 million tons projected for 2024[261]. - The capacity utilization rate improved from 85.2% in 2022 to 88.1% in 2023, with a projected decrease to 87.1% in 2024[261]. Market Share and Sales - Domestic sales of the Steel Segment accounted for 37.2% of total revenue in 2024, down from 39.6% in 2023, while export sales accounted for 62.8% in 2024, up from 60.4% in 2023[139]. - POSCO's domestic market share for stainless steel products was approximately 49% in 2024[151]. - Deliveries of plates reached 4,694 thousand tons in 2024, accounting for 16.1% of total sales volume, with a domestic market share of approximately 43%[153]. - Deliveries of wire rods totaled 1,527 thousand tons in 2024, representing 5.2% of total sales volume, with a domestic market share of approximately 51%[155]. - POSCO held a domestic market share of approximately 52% in hot rolled products, 56% in cold rolled products, and 49% in stainless steel products in 2024[186]. Financial Performance - Operating profit under K-IFRS decreased by 38.4% from W 3,531 billion in 2023 to W 2,174 billion in 2024[270]. - Profit attributable to owners of the controlling company decreased by 33.7%, from W 1,698 billion in 2023 to W 1,125 billion in 2024[272]. - Gross profit decreased by 14.5%, or W 929 billion, from W 6,417 billion in 2023 to W 5,488 billion in 2024[272]. - The company's profit decreased by 45.6%, or Won 841 billion, from Won 1,846 billion in 2023 to Won 1,005 billion in 2024, with a profit margin decline from 2.4% to 1.4%[320]. - The effective tax rate decreased from 30.0% in 2023 to 24.2% in 2024, with income tax expense dropping by 59.3%, or Won 468 billion, from Won 789 billion to Won 321 billion[318]. Cost and Pricing - The cost of sales as a percentage of revenue increased from 91.0% in 2022 to 91.7% in 2023, with a projected increase to 92.5% in 2024[259]. - The weighted average unit price for the company's principal steel products decreased by 11.3% from 2022 to 2023, primarily due to continued weakness in global economic conditions[251]. - The unit sales price of plates decreased by 13.7% in 2023 compared to 2022, accounting for 16.2% of total sales volume of principal steel products[252]. - In 2024, the weighted average unit price for principal steel products is projected to decrease by 4.3% from 2023, with the average exchange rate depreciating from Won 1,305.4 to US$1.00 in 2023 to Won 1,364.0 to US$1.00 in 2024[254]. - The unit sales price of stainless steel products decreased by 13.4% in 2023 compared to 2022, accounting for 8.5% of total sales volume of principal steel products[252]. Strategic Initiatives - The company aims for a 30% reduction in carbon emissions by 2035, 50% by 2040, and net zero emissions by 2050 as part of its 2050 Carbon Neutrality Roadmap[130]. - POSCO Energy merged into POSCO International on January 1, 2023, impacting the revenue reporting of the Trading Segment[125]. - The company is actively exploring diversification opportunities in promising business areas through POSCO HOLDINGS INC.[129]. - The company intends to expand its operations in renewable energy businesses, including solar and wind energy[200]. - The company plans to continue optimizing its fleet of dedicated vessels and upgrading existing vessels with energy-saving technologies[178]. External Factors - The average market price of iron ore was US$109 per dry metric ton in 2024, while the average market price of coal was US$240 per wet metric ton[176]. - In 2024, POSCO imported approximately 49 million dry metric tons of iron ore and 26 million wet metric tons of coal[173]. - Approximately 30% of iron ore imports and 24% of coal imports were sourced from foreign mines in which POSCO has investments[175]. - The average market price of nickel per ton on the London Metal Exchange was US$25,605 in 2022, US$21,474 in 2023, and is projected to be US$16,812 in 2024[177]. - The largest export market in 2024 was Asia (excluding China and Japan), accounting for 23.2% of export revenue, while exports to China accounted for 20.7%[165][166].

Financial Data and Key Metrics Changes - In Q1 2025, consolidated revenue reached KRW 17.4 trillion, and operating profit was KRW 570 billion, showing improvement from the previous quarter despite economic uncertainties [4][10] - Operating profit rebounded from KRW 95 billion to KRW 568 billion across all business segments, reaching the same level as the previous year [10][11] - EBITDA for the quarter was KRW 1.6 trillion, with consolidated CapEx amounting to KRW 1.5 trillion [10] Business Segment Data and Key Metrics Changes - The industrial segment's operating profit improved from 2.3% to 3% quarter-on-quarter, with an operating margin recovery to 3.9% [11] - The overseas steel business showed improvement due to strong performance in engine operations and reduced losses at the Zhangjiagang plant in China [11] - POSCO Future M's turnaround to profit led to a reduction of overall operating losses in energy materials by half quarter-on-quarter [11][24] Market Data and Key Metrics Changes - The domestic steel market is showing moderate signs of stability, with iron ore and coking coal prices stabilizing [4][5] - POSCO's crude steel output declined by 5.5% quarter-on-quarter due to maintenance works, but selling prices slightly increased, and raw material costs remained stable [21] - The Indian subsidiary has expanded sales of high-margin products, while losses in China's Zhangjiagang plant have reduced due to rising regional stainless steel prices [23] Company Strategy and Development Direction - The company signed an MOU with Hyundai Motor Group to enhance collaboration in the future mobility materials business and to jointly invest in a steelmaking plant in the US [6][7] - POSCO is focusing on upstream expansion in India, the US, and Indonesia, with plans to establish a specialized automotive steel sheet company in India [14][15] - The company aims to comply with the USMCA "melted and poured" origin rule to ensure reliable supply of steel products to its auto panel manufacturing plant in Mexico [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the future, indicating that while Q1 results are not conclusive for recovery, there are positive signals [5][6] - The management acknowledged the challenges posed by the global tariff war and economic uncertainties but emphasized ongoing restructuring efforts to improve performance [3][39] - Future profitability in energy materials is expected to stabilize by 2027 as plants reach stable operations [42] Other Important Information - The company divested six underperforming assets in Q1, raising KRW 286.6 billion, contributing to a cumulative cash generation of KRW 949.1 billion since last year [17] - The CapEx plan for 2025 is set at KRW 8.8 trillion, with allocations of 43% to steel, 34% to energy materials, and 17% to infrastructure [19][20] - The company is actively pursuing ESG-related initiatives, including establishing a Human Rights Management framework aligned with global standards [29] Q&A Session Summary Question: Plans for improving performance of low-performing businesses like PZSS in China - Management acknowledged the overcapacity in the stainless steel market in China and indicated ongoing restructuring efforts, with a need to assess the situation further [38][39] Question: Projections for energy materials revenue and operating profits - Management stated that while initial stages of operation are causing losses, they expect to see profitability starting in the latter part of next year as customer certifications are achieved [41][42] Question: Update on capital raising for POSCO Future M - Management confirmed that they are exploring various financing options, including potential additional capital raising, due to higher-than-anticipated CapEx needs [44] Question: Impact of trade barriers on sales volume - Management explained that the impact varies by region, with some overseas operations potentially benefiting from tariff changes, while others may face challenges [64][66] Question: Progress on integrated mill investment in India - Management confirmed that the total investment is approximately KRW 11 trillion, with plans to implement it over five years, and they are currently finalizing the site selection [55][117] Question: Updates on lithium price projections - Management indicated that while there is a projected gradual price increase due to rising demand, uncertainties from tariff policies complicate predictions [71][72] Question: Financial evaluation of AD filings for heavy plates - Management noted that retail prices are rising post-AD filings, and negotiations with clients are ongoing, aligning with current market trends [122] Question: Acquisition of additional lithium assets - Management confirmed they are leveraging current market conditions to acquire prime lithium assets, but specific details cannot be disclosed at this time [124]

【DT新材料】 获悉，4月23日， 道氏技术 发布公告，2025年第一季度，公司实现营业收入为17.58亿元，同比下降12.17%；归母净利润为4273.36万 元，同比大幅上升206.86%；扣非归母净利润为3576.83万元，同比大幅上升266.60%。 受全球新能源材料市场竞争加剧及下游需求阶段性波动影响。尽管公司 三元前驱体和阴极铜 出货量同比增长（三元前驱体出口1.8万吨，+137%）， 但产品价格受行业供需格局调整承压，导致收入规模收缩58。受益于 金属铜市场价格高位运行 （刚果子公司阴极铜产量19,674吨，+61%）及存货跌 价准备减少，叠加规模化生产摊薄成本，推动毛利率显著改善，支撑净利润高增。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 1,758.117,781.59 | 2.001.701.468.85 | -12.17% | | 归属于上市公司股东的净利 | 43.733.567.84 | 14,252,078.70 | 206.86% | | 润(元) | | | | | 归属于上市公司 ...

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