$PKX · POSCO HOLDINGS INC.
POSCO Holdings reported Q3 2026 consolidated results: revenue of KRW 19.14 trillion (+10.9% YoY), operating profit of KRW 945 billion (+47.9% YoY, +15.3% QoQ), and an OP margin of 4.9%. Net profit attributable to controlling interest fell sharply to KRW 242 billion (-64.7% QoQ), dragged by non-controlling interest dynamics and losses in the rechargeable battery materials segment. The steel business drove the OP improvement on higher selling prices and production volumes, while lithium subsidiaries posted losses amid weak lithium prices and weather-related disruptions.
- Consolidated revenue: KRW 19.14 trillion, +10.9% YoY, -0.6% QoQ
- Consolidated operating profit: KRW 945 billion, +47.9% YoY, +15.3% QoQ; OP margin expanded to 4.9%
- Net profit attributable to controlling interest: KRW 242 billion, -64.7% QoQ from KRW 685 billion in Q2 2026
- Steel segment OP rose to KRW 566 billion (QoQ +163 billion) on higher selling prices and crude steel output
- Rechargeable battery materials swung to an operating loss of KRW 17 billion, with lithium subsidiaries posting losses on weak prices and harsh weather
Stock up 5.56% to $52.43 in regular trading — the market is rewarding the steel-driven operating profit beat and 48% YoY OP growth while looking past the QoQ net profit drop driven by non-controlling interest dynamics and lithium segment losses.
The stark divergence between surging steel profits and deteriorating battery-materials earnings captures the tension in POSCO's dual identity as both a legacy steelmaker and an aggressive green-energy transition play.
POSCO's steel margin recovery mirrors broader Asian steel trends as carbon steel selling prices rose KRW 20K/t QoQ to KRW 982K/t. The aggressive lithium expansion to 100Ktpa by 2033 positions it against Albemarle and SQM, but near-term lithium price weakness is pressuring the entire battery materials supply chain.
Lithium segment losses are mounting: POSCO Argentina posted a loss on harsh winter weather and lower lithium prices, POSCO-Pilbara Lithium Solution's operating loss grew on higher ore costs, and POSCO-HY Clean Metal lost on weak metal prices and U.S. black mass export restrictions. A KRW 272 billion impairment was taken on high-purity nickel, Myanmar hotel, and other assets.