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POSCO Holdings Inc. (PKX)

POSCO Holdings is the Korean holding company above POSCO, one of the world's largest steel producers, with trading, construction, logistics and battery materials businesses alongside it. It was established by the Korean government on 1 April 1968 under the Commercial Code to manufacture and distribute steel rolled products and plates. The government owned more than 70% of the equity until 1988, cut that to 35% through a public offering and listing on the KRX KOSPI Market, sold its remaining direct holding in December 1998, and holds no direct interest now. On 1 March 2022 the domestic steel production and sales business was spun off vertically into a wholly owned subsidiary named POSCO, and the parent became POSCO HOLDINGS INC., a holding company within the meaning of the Monopoly Regulation and Fair Trade Act. Figures are stated in Won.

POSCO Holdings Inc.

POSCO Holdings is the Korean holding company above POSCO, one of the world's largest steel producers, with trading, construction, logistics and battery materials businesses alongside it. It was established by the Korean government on 1 April 1968 under the Commercial Code to manufacture and distribute steel rolled products and plates. The government owned more than 70% of the equity until 1988, cut that to 35% through a public offering and listing on the KRX KOSPI Market, sold its remaining direct holding in December 1998, and holds no direct interest now. On 1 March 2022 the domestic steel production and sales business was spun off vertically into a wholly owned subsidiary named POSCO, and the parent became POSCO HOLDINGS INC., a holding company within the meaning of the Monopoly Regulation and Fair Trade Act. Figures are stated in Won.

Six segments

The Steel Segment produces and sells steel products. The Infrastructure Business splits into three: the Trading Segment, mainly the global trading, natural resources development and power generation activities of POSCO INTERNATIONAL; the Construction Segment, the planning, designing and construction of industrial plants, civil engineering projects and commercial and residential buildings in Korea and overseas by POSCO E&C; and the Logistics and Others Segment, the information technology and operational technology services of POSCO DX and the integrated logistics services of POSCO FLOW. The Rechargeable Battery Materials Segment covers POSCO Future M, which makes cathode and anode materials for rechargeable batteries and other industrial materials, plus investments in production projects for materials such as lithium. The Others Segment holds the holding company itself and entities below the reporting thresholds.

The mix

Steel was 54.1% of the total in 2025, at W 37,285 billion, against 52.4% in 2023. The Trading Segment was 34.4% at W 23,744 billion, Construction 8.1% at W 5,615 billion, Rechargeable Battery Materials 3.0% at W 2,096 billion, Logistics and Others 0.4% and the Others Segment 0.1%. Construction and battery materials have both shrunk since 2023, when they were 10.8% and 5.0%.

The steel works

POSCO is described in the filing as the largest fully integrated steel producer in Korea and one of the largest in the world by annual crude steel production. The group produced approximately 38.6 million tons of crude steel in 2025, most of it at Pohang Works and Gwangyang Works, against approximately 44.5 million tons of annual capacity including 39.8 million tons in Korea. Both works make steel by the basic oxygen steelmaking method and put all their output through continuous casting; the stainless plant at Pohang uses an electric arc furnace instead. The product line covers cold rolled and hot rolled products, stainless steel, plates, wire rods and silicon steel sheets, sold into automotive, shipbuilding, home appliance, engineering and machinery industries.

Raw materials

In 2025 POSCO imported approximately 49 million dry metric tons of iron ore and 24 million wet metric tons of coal. Iron ore comes primarily from Australia, Brazil and Canada; coal primarily from Australia, Canada and the United States. For stainless steel the principal inputs are ferronickel, ferrochrome and stainless steel scrap: most ferronickel comes from Korean suppliers procuring nickel ore from New Caledonia with the remainder from Indonesia, ferrochrome from South Africa, India and Kazakhstan, and scrap from domestic and overseas suppliers in Japan and Southeast Asia, supplemented by revert scrap from Pohang and the overseas subsidiaries.

Plants abroad and the carbon plan

POSCO (Zhangjiagang), a joint venture with Shagang Group in which the holding company has an 82.5% interest, makes stainless cold rolled steel and had annual capacity of 1,100 thousand tons in 2025; the board resolved in July 2025 to sell that equity interest. KRAKATAU POSCO in Indonesia had annual capacity of 3,000 thousand tons of slabs, plates and hot rolled coils. POSCO YAMATO VINA in Vietnam, 51.0% held, makes shape steel and steel reinforcement products and had capacity of 550 thousand tons of shape steel in 2025. POSCO has declared a 2050 Carbon Neutrality Roadmap with stated targets of a 30% carbon emissions reduction by 2035, 50% by 2040 and net zero by 2050, supported by low carbon technology and hydrogen reduction work.

From POSCO Holdings' annual report on Form 20-F for the year ended 31 December 2025. The filing

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POSCO Holdings Inc. files a 20-F with the SEC once a year, in Korean won. In the year to 31 December 2025 it reported revenue of KRW 68,987 billion ($48.6 billion at the year's average rate), down 6.1% on the year before. Its profit attributable to shareholders was KRW 691 billion, down 38.6%, and diluted earnings per share KRW 9,134.00.

POSCO Holdings (PKX) in brief

POSCO Holdings (PKX) reported revenue of KRW 68.99 trillion for the year to 31 December 2025, down 6.1% on the year before.
Read moreProfit attributable to shareholders was KRW 691 billion and diluted earnings per share KRW 9,134.00. Revenue was KRW 73.46 trillion in 2024, KRW 77.06 trillion in 2023, KRW 85.00 trillion in 2022 and KRW 76.01 trillion in 2021. Profit attributable to shareholders in the same years was KRW 1.13 trillion, KRW 1.70 trillion, KRW 3.16 trillion and KRW 6.61 trillion. Revenue grew 3.7% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of POSCO Holdings was $15.0 billion, 29.5 times its earnings for 2025.

The share in the US

Last close$49.50 on 10 November 2026
52-week range$48.58 (5 November 2026) to $91.72 (8 May 2026)
Over one yeardown 6.7%
Market cap$15.0 billion: 75,620,779 shares outstanding at 31 December 2025 (20-F, excluding 5,312,173 treasury shares; one ADS is a quarter of a share), each US share standing for 0.25 of an ordinary share
P/E, latest fiscal year29.5: the last close over diluted EPS for the year to Dec 2025, KRW 9,134.00 per ordinary share times 0.25, KRW 2,283.50 per US share, $1.68 at 1,361.89 KRW per US dollar on 6 November 2026 (FRED DEXKOUS). The company reports once a year, so this is the latest fiscal year, not the last four quarters.

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROE1.2%
ROCE1.8%
Operating margin2.1%
Net margin1.0%
FCF margin-1.6%
Interest cover0.38
Debt to equity0.51
Cash conversion6.62
Share count, last 12 months-0.2%
Sales CAGR, 3 years-6.7%
Profit CAGR, 3 years-39.7%
EPS$1.68

At the close of 10 November 2026

Price$49.50
Market cap$15.0 billion
Stock P/E29.52
Price to book0.37
EV / EBITDAn/a
Dividend yield4.3%
Market cap / sales0.30
52-week high$91.72
52-week low$48.58
Price, 1 year-6.7%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total POSCO Holdings Inc. states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.
PKXgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, times the 0.25 of an ordinary share one US share stands for, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on PKX

DividendsKRW 915 billion paid in cash dividends in FY2025
Filings63 in twelve months: 60 reports on Form 6-K, most often response to Rumors or Media Reports : Undetermined (5); resolution on Cash Dividend Payment (4); notice of the Record Date for Quarterly Dividend (3); adjustment of Conversion Price, Exercise Price of Preemptive Rights, and Exchange Price (2); response to disclosure inquiry regarding press reports on POSCO Holdings’ potential acquisition of HMM (2)
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.34 by open interest at the 10 November 2026 close; the straddle prices a 5.9% move to 20 November 2026
13F holders181 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Congress0 House trades disclosed in six months
Short interest769,336 shares short, 3.45 days to cover at 30 October 2026

Income statement (profit and loss), 11 fiscal years

Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue58,52252,94060,18765,15564,78657,46776,00985,00477,05773,45968,987
Cost of sales52,01846,27151,91657,12958,46252,79964,15477,32170,63967,97163,850
Gross profit6,5046,6688,2718,0266,3244,66811,8557,6826,4175,4885,137
Research and development492445487527500468469536518556527
Operating profit1,4862,2824,1964,0423,2232,0548,7754,3422,7381,4521,477
Finance costs3,3873,0142,4842,2442,2422,8922,7655,8044,2035,0813,910
Profit before tax1501,4124,0953,6163,1271,9739,3904,0472,6351,3261,139
Income tax2673801,1861,6841,0882242,214462789321612
Profit for the year-1161,0322,9091,9322,0381,7487,1763,5861,8461,005527
Profit attributable to shareholders1711,3552,7561,7121,8641,5816,6073,1581,6981,125691
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
KRW billion, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Diluted EPSn/an/an/an/a23,189.0019,900.0085,240.0039,296.0022,383.0012,640.009,134.00
Basic EPSn/an/an/a21,177.0023,189.0019,900.0087,191.0041,634.0022,383.0014,853.009,134.00
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

KRW per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Revenue by segment

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Steel26,84430,23032,35832,07828,89341,09344,54740,39339,10437,28554.0%
Trading16,77420,80222,40822,15719,34525,06625,95524,03422,80423,74434.4%
Construction6,6256,4186,9467,3636,2506,0757,9218,2308,2445,5078.0%
Rechargeable Battery Materialsn/an/an/an/an/an/an/a3,8162,8132,0963.0%
Logistics and Othersn/an/an/an/an/a2,0613,9994714223090.4%
Others2,6972,7363,4433,18732647212911373.045.50.1%
Energy and Othersn/an/an/an/a1,881n/an/an/an/an/an/a
Green materials and energyn/an/an/an/a7721,242n/an/an/an/an/a
Secondary Battery Materialsn/an/an/an/an/an/a2,452n/an/an/an/a
SteelTradingConstructionRechargeable Battery Materials FY2023 to FY2025Logistics and Others FY2021 to FY2025OthersSecondary Battery Materials FY2022Green materials and energy FY2020 to FY2021Energy and Others FY2020
60,186.9Dec 201764,785.7Dec 201976,009.2Dec 202177,056.5Dec 202368,986.9Dec 2025

KRW billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

KRW billion, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Revenue by product or service

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Revenue from sales of goods43,54551,35853,97553,79948,10965,97770,83564,20160,90459,70286.5%
Revenue from construction contract6,4976,2997,1347,3396,2256,0427,7988,1078,0785,3997.8%
Revenue from services2,4152,0653,5343,2112,7073,4205,5104,4214,1253,5105.1%
Others4834655134374255708603273533750.5%
Revenue from sales of goodsRevenue from construction contractRevenue from servicesOthers
60,186.9Dec 201764,785.7Dec 201976,009.2Dec 202177,056.5Dec 202368,986.9Dec 2025

KRW billion; hover a block for its figure and share

KRW billion, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Cash flow statement

Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from operations7,6025,2695,6075,8706,0058,6866,2596,1876,1686,6644,572
Purchase of property, plant and equipment2,5602,3242,2882,1362,5193,1543,0694,9286,7337,6705,665
Free cash flow5,0422,9453,3203,7343,4855,5313,1911,259-566-1,006-1,093
Cash from investing-4,535-3,755-3,818-2,648-3,683-6,259-5,584-4,220-7,388-4,487-6,687
Cash from financing-2,242-3,951-1,566-3,195-1,512-1,091-7691,319-179-2,3022,403
Depreciation and amortisation3,2183,2143,2973,2683,4613,6223,5793,6883,8233,9844,159
Dividends paid8237098637249466591,3111,218815844915
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
KRW billion, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Funded by
Equity attributable to shareholders45,01342,33543,66043,32544,45544,29450,37952,47854,14655,39055,759
Non-controlling interestsn/a3,4303,6663,3473,3083,3104,3355,7145,4526,0536,634
Borrowings, as filedn/a22,70521,06420,20920,44220,49821,74124,30625,97025,99728,492
Other liabilitiesn/a11,66711,39511,89511,16611,58315,84416,52415,91716,00414,403
Total equity and liabilitiesn/a80,13879,78678,77779,37179,68492,29999,022101,486103,444105,288
Owned
Property, plant and equipment34,52333,77031,88430,01829,92629,40029,59731,78135,20639,84742,293
Goodwilln/a1,3751,3501,1251,098904736442403358827
Cash and cash equivalentsn/a2,4482,6132,6443,5154,7554,7758,0536,6716,7687,050
Trade and other receivablesn/an/a8,8259,1309,0708,1109,9799,70210,80310,82111,184
Inventoriesn/a9,51610,79412,15311,2319,63616,09616,13314,55714,17913,739
Other assetsn/a33,02924,32123,70624,53126,87931,11632,90933,84631,47130,195
Total assetsn/a80,13879,78678,77779,37179,68492,29999,022101,486103,444105,288
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
KRW billion, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Gross margin11.1%12.6%13.7%12.3%9.8%8.1%15.6%9.0%8.3%7.5%7.4%
Operating margin2.5%4.3%7.0%6.2%5.0%3.6%11.5%5.1%3.6%2.0%2.1%
Net margin0.3%2.6%4.6%2.6%2.9%2.8%8.7%3.7%2.2%1.5%1.0%
Free cash flow margin8.6%5.6%5.5%5.7%5.4%9.6%4.2%1.5%-0.7%-1.4%-1.6%
Return on year-end equity0.4%3.2%6.3%4.0%4.2%3.6%13.1%6.0%3.1%2.0%1.2%
Effective tax rate177.3%26.9%29.0%46.6%34.8%11.4%23.6%11.4%30.0%24.2%53.7%
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was POSCO Holdings' revenue in 2025?

POSCO Holdings (PKX) reported revenue of KRW 68.99 trillion for the year to 31 December 2025, down 6.1% on the year before.

How much did POSCO Holdings earn in 2025?

Profit attributable to shareholders was KRW 691 billion for the year to 31 December 2025, and diluted earnings per share KRW 9,134.00.

What is POSCO Holdings' P/E ratio?

At the close of 10 November 2026, POSCO Holdings traded at 29.5 times its earnings for 2025.

What is POSCO Holdings' market cap?

The market cap of POSCO Holdings was $15.0 billion at the close of 10 November 2026.

Peers: Steel Works Etc

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Nucor Corp. NUE$57.7 billion16.3215.8%n/a21.8%0.310.9%
Steel Dynamics Inc. STLD$33.6 billion17.4119.9%11.5%26.0%0.430.9%
ATI Inc. ATI$24.8 billion45.6527.7%16.5%9.4%0.93n/a
POSCO Holdings Inc. PKX *$15.0 billion29.521.2%2.1%-6.1%0.514.3%
Carpenter Technology Corp. CRS$14.7 billion26.2126.1%23.4%10.2%0.320.3%
Mueller Industries Inc. MLI$12.0 billion14.1124.6%21.5%20.8%0.001.2%
Alcoa Corp. AA$10.6 billion6.9118.5%n/a11.2%0.581.0%
Commercial Metals Co. CMC$7.1 billion10.9414.0%7.6%20.5%0.681.2%
Belden Inc. BDC$4.1 billion23.5812.7%9.0%17.7%2.190.2%
Century Aluminum Co. CENX$3.6 billion4.2752.1%30.7%18.7%0.28n/a
SunCoke Energy, Inc. SXC$905 millionn/a-9.2%-1.3%2.9%1.004.5%
Metallus Inc. MTUS$723 million31.863.3%n/a10.8%0.00n/a
All 26 in Steel Works Etc
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Corning Inc. GLW$96.6 billion45.4015.7%16.5%18.8%0.601.0%
Howmet Aerospace Inc. HWM$87.2 billion42.8735.6%28.1%22.0%0.770.2%
Nucor Corp. NUE$57.7 billion16.3215.8%n/a21.8%0.310.9%
Steel Dynamics Inc. STLD$33.6 billion17.4119.9%11.5%26.0%0.430.9%
ATI Inc. ATI$24.8 billion45.6527.7%16.5%9.4%0.93n/a
POSCO Holdings Inc. PKX *$15.0 billion29.521.2%2.1%-6.1%0.514.3%
Carpenter Technology Corp. CRS$14.7 billion26.2126.1%23.4%10.2%0.320.3%
Mueller Industries Inc. MLI$12.0 billion14.1124.6%21.5%20.8%0.001.2%
Alcoa Corp. AA$10.6 billion6.9118.5%n/a11.2%0.581.0%
Commercial Metals Co. CMC$7.1 billion10.9414.0%7.6%20.5%0.681.2%
Belden Inc. BDC$4.1 billion23.5812.7%9.0%17.7%2.190.2%
Century Aluminum Co. CENX$3.6 billion4.2752.1%30.7%18.7%0.28n/a
Constellium SE CSTM$3.0 billion5.4943.0%8.6%26.1%1.36n/a
Worthington Enterprises, Inc. WOR$3.0 billion18.2415.6%5.6%18.4%0.291.3%
Worthington Steel, Inc. WS$2.0 billionn/a-3.7%0.1%69.1%2.131.6%
Kaiser Aluminum Corp. KALU$1.8 billion8.5022.4%7.7%40.4%1.062.8%
Gibraltar Industries, Inc. ROCK$1.1 billionn/a-5.5%7.4%38.1%1.37n/a
Quanex Building Products Corp. NX$971 million21.396.1%6.0%1.3%0.891.5%
SunCoke Energy, Inc. SXC$905 millionn/a-9.2%-1.3%2.9%1.004.5%
Nwpx Infrastructure, Inc. NWPX$867 million16.4512.2%11.8%15.9%0.06n/a
Metallus Inc. MTUS$723 million31.863.3%n/a10.8%0.00n/a
Matthews International Corp. MATW$614 millionn/a-6.0%6.3%-31.8%1.175.2%
Insteel Industries Inc. IIIN$532 million18.107.8%n/a14.2%0.004.1%
Friedman Industries Inc. FRD$284 million6.9022.6%8.3%73.7%0.580.4%
DMC Global Inc. BOOM$160 millionn/a-2.8%0.7%-1.6%0.21n/a
Optical Cable Corp. OCC$88 million37.1217.4%4.2%13.9%0.61n/a
6 companies share its SEC industry code (Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)); the rest are the names nearest in size in its wider industry, Steel Works Etc, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202529 April 2026EDGAR
20-F31 December 202430 April 2025EDGAR
20-F31 December 202329 April 2024EDGAR
20-F31 December 202228 April 2023EDGAR
20-F31 December 202128 April 2022EDGAR
20-F31 December 202029 April 2021EDGAR
20-F31 December 201929 April 2020EDGAR
20-F31 December 201830 April 2019EDGAR
20-F31 December 201727 April 2018EDGAR
20-F31 December 201627 April 2017EDGAR
20-F31 December 201528 April 2016EDGAR
20-F31 December 201429 April 2015EDGAR