Hyundai Steel's plant in Pohang, Gyeongsang Province / Courtesy of Hyundai Steel

POSCO Holdings, the holding company of Korea's leading steelmaker POSCO, said Monday its fourth-quarter net loss widened from a year earlier due to a downcycle in the steelmaking industry.

Its net loss widened to 703 billion won ($480 million) in the three months ended in December from 321 billion won in the year-ago period, the company said in a press release.

"Lower demand for steel products amid an oversupply of Chinese steel goods, and repair and maintenance work on furnaces that reduced production affected the quarterly results," it said.

Operating profit plunged 69 percent on-year to 95 billion won in the October-December period. Sales fell 4.6 percent to 17.8 trillion won from 18.66 trillion won over the cited period.

For the whole of 2024, net income plummeted 48.6 percent to 950 billion won from 1.85 trillion won a year earlier due to one-off factors.

"One-off losses worth 1.3 trillion won, stemming not only from the company's preemptive restructuring and streamlining programs but from a down cycle in the steelmaking industry, were reflected in the annual bottom line," the spokesperson said.

Operating profit plummeted 38.5 percent to 2.17 trillion won last year from 3.53 trillion won the previous year.

Sales fell 5.8 percent to 72.69 trillion won from 77.13 trillion won during the same period.

To ride out the current market downturn, POSCO Holdings plans to continue its restructuring efforts this year, including the sale of low-profit and non-core businesses, to secure about 2.1 trillion won in cash holdings. (Yonhap)