POSCO International (047050)

POSCO International is a global eco-friendly diversified business company belonging to the POSCO Group. The company conducts trading and investment businesses based on its global network of over 100 overseas locations, and directly operates businesses across various sectors including energy, materials, and food. Its main business areas include energy (comprising gas field exploration and development, LNG terminal operation and trading, and power generation), materials (dealing with steel and steel raw materials, secondary battery materials, and eco-friendly vehicle components such as drive motor cores), and food (including grains and palm oil). In 2024, the annual revenue breakdown showed trading business accounting for 87.2% and energy business for 12.8%. By major product category, steel accounted for 73%, energy for 12.8%, and food/materials for 14.1%. Revenue dependence on any single customer is diversified, remaining below 10%. POSCO International's core competitiveness lies in its global business capabilities, facilitated by an extensive overseas network of over 100 locations worldwide. Furthermore, through the acquisition of the Myanmar gas field and Australia's Senex Energy, the company has established a full LNG value chain, spanning from upstream to midstream (LNG terminals, trading) and downstream (power generation), thereby strengthening its expertise in eco-friendly energy. Through its subsidiary POSCO Mobility Solution, the company holds the top manufacturing competitiveness for drive motor cores in Korea. Based on stable procurement of POSCO-produced electrical steel sheets and proprietary patented technology, it is expanding its presence in the global eco-friendly vehicle components market. POSCO International's revenue decreased by 13.09% from KRW 37.9896 trillion in 2022 to KRW 33.0182 trillion in 2023, followed by an additional 2.30% decrease to KRW 32.2610 trillion in 2024, before showing signs of recovery with a slight increase of 0.35% to KRW 32.3736 trillion in 2025. Operating income significantly increased by 32.80% from KRW 902.5 billion in 2022 to KRW 1.1985 trillion in 2023, surpassing KRW 1 trillion. However, it then decreased by 3.39% to KRW 1.1578 trillion in 2024, followed by a slight increase of 0.65% to KRW 1.1653 trillion in 2025. Operating profit margin improved from 2.38% in 2022 to 3.63% in 2023, and has since maintained stable profitability at approximately 3.59% in 2024 and 3.60% in 2025. Quarterly revenue for 2025 showed high volatility, with Q1 at KRW 8.1537 trillion, Q2 at KRW -9.6 billion, Q3 at KRW 104.2 billion, and Q4 at KRW 24.1253 trillion. Operating income recorded KRW 270.2 billion in Q1, KRW 43.5 billion in Q2, KRW 2.2 billion in Q3, and KRW 849.5 billion in Q4. Examining the company's financial health, the debt-to-equity ratio was 184.58% in 2022. The debt-to-equity ratio for 2023 to 2025 was not indicated in the provided data. The current ratio showed a gradual declining trend, from 133.39% in 2022 to 128.71% in 2023, 124.15% in 2024, and 114.27% in 2025. Return on Equity (ROE) declined from 13.75% in 2022 to 10.27% in 2023 and 6.85% in 2024, but slightly rebounded to 8.15% in 2025. In line with industry trends of global energy transition and increasing demand for eco-friendly materials, POSCO International is pursuing the strengthening of its LNG value chain, expansion of eco-friendly vehicle component businesses such as drive motor cores, and diversification into new growth businesses including secondary battery materials and bioplastics. Specifically, the company plans to accelerate growth in its energy and materials segments through increased production at Australia's Senex Energy and the operation of overseas drive motor core plants in locations such as Poland and Mexico. In its food business, the company is focusing on securing stable revenue sources by expanding production capacity through the acquisition of palm oil companies and the completion of refining plants.