POSCO posts 2022 profit despite steel production halt after flooding

SEOUL (Reuters) - POSCO Holdings, the parent of South Korea's biggest steelmaker POSCO, posted on Friday a 46.7% drop in last year's annual operating profit due to a four-month suspension of its major steel plant in the country following a typhoon and flooding in September.

It reported an operating profit of 4.9 trillion won ($3.97 billion) for 2022, versus a 9.2 trillion won profit the previous year.

The company had estimated earlier that the flooding would cost it 1.3 trillion won in 2022, with the majority of the charge reflected in the fourth quarter.

($1 = 1,233.0800 won)

(Reporting by Hyunsu Yim; Editing by Jacqueline Wong)