POSCO Holdings to cancel 635.1 bil won in treasury shares in 2026

POSCO's headquarters in Pohang, North Gyeongsang Province / Korea Times file

POSCO Holdings, South Korea's leading steelmaker, said Friday it will cancel 635.1 billion won ($439 million) worth of treasury shares this year to enhance shareholder value.

The planned cancellation represents 2 percent of the company's total treasury shares and forms part of a broader three-year plan to retire 1.7 trillion won, or 6 percent of its total treasury shares, from 2024 through 2026, the company said in a press release.

For 2025, the company's net profit plunged 47 percent to 500 billion won from 950 billion won a year earlier partly due to the impact of sweeping U.S. tariffs on steel imports. The United States currently imposes a 50 percent tariff on steel imports from South Korea.

Source: Korea Times News