POSCO Holdings JH

Latest Results (10.02.2026):

POSCO Holdings JH — 1Q25: Mirae Asset’s research notes that 1Q25 likely marked a bottom for POSCO Holdings JH’s earnings in 2025. Global crude-steel production was slightly down (‑0.4% YoY) while China rose modestly (+0.6% YoY). The company is streamlining low‑margin businesses, targeting W1.5tr in cash generation for the year (about 40% of that target achieved in 1Q25), and analysts expect consolidated operating profit to rise by over 30% YoY in 2025. Valuation metrics are described as depressed (12‑month forward P/B ~0.36x), and management is pursuing higher‑margin overseas projects and potential joint ventures.

Quarter performance (1Q25)

Analysts view 1Q25 as the likely trough for earnings this year; the report cites industry production trends (global crude‑steel ‑0.4% YoY, China +0.6% YoY) but does not list company line‑by‑line revenue or OP figures in the excerpt.

Cash generation & restructuring

POSCO Holdings JH is streamlining low‑margin assets and aiming to generate W1.5tr in cash in 2025; ~40% of that target was already achieved by 1Q25 according to the report.

Outlook for 2025

Mirae Asset projects consolidated operating profit to increase by over 30% YoY in 2025, citing a favorable comparison base, improving spreads if China curbs output, and the view that 1Q25 was the bottom for the year.

Growth initiatives & M&A/expansion

The report highlights POSCO’s focus on higher‑margin overseas expansion (potential investment in an EAF‑based mill in Louisiana and discussions with JSW in India) as part of its strategy to shift toward higher‑growth markets.

Valuation

Analysts note depressed market multiples for the steel complex—POSCO Holdings JH is cited near the low end of its 12‑month P/B band (~0.36x)—implying valuation support if earnings recovery materializes.