⚙️ POSCO Holdings: Q2 Scorecard Forged by Steel and Lithium - 2026.08.01

Hello, it’s Dotacorn, taking a look through every corner of the value chain. Today, let’s start with the big picture and examine why POSCO Holdings’ Q2 scorecard has captured the market’s attention. 🌰

Steel’s Solid Support and Lithium’s Rebound 🏭

The most eye-catching aspect of this scorecard is undoubtedly the earnings performance. POSCO Holdings recorded Q2 revenue of ₩19,259,000,000,000 (up 9.7% year on year) and operating profit of ₩818,700,000,000 (up 34.8%), delivering an earnings surprise that exceeded market expectations. The core steel business led the improvement in profitability and provided a solid foundation, lifting the company’s overall strength ^[3].

Looking one level deeper, the lithium business is especially interesting. Despite the slowdown in global electric-vehicle demand, the secondary-battery materials segment returned to profitability for the first time in 9 quarters ^[1]. In particular, Argentina’s lithium business posted its first quarterly profit, a result viewed as a tangible achievement for the group’s raw-materials and materials operations ^[2].

The Industry Context Through the Value Chain 🔗

Dotacorn sees these results as a sign that steel and the new businesses are beginning to mesh like interlocking gears. Steel is anchoring cash generation, while the secondary-battery materials and lithium-nickel value chains that the group has invested in are finally starting to make their contribution. Of course, demand volatility across the industry remains an issue to watch, but structurally, this can be understood as a process in which revenue diversification is gradually taking hold.

Points to Watch Going Forward 📚

The market’s focus has now shifted to whether this trend can continue into the second half ^[4]. Securities analysts are also offering positive assessments, including raising their target prices based on the turnaround to profitability in Argentina’s lithium business ^[2], but changes in electric-vehicle market conditions and the direction of steel prices remain important variables.

When looking at the industry’s big picture, the differentiated benefits for steel and secondary-battery materials can be summarized as follows: first, the core steel business’s ability to defend margins; second, expansion of the secondary-battery materials segment’s profit; and third, establishing a stable supply chain for lithium and nickel raw materials. It is important to calmly consider how these links will affect future results and what figures the company will present next quarter.