On April 24, POSCO said it would cut its crude steel production, steel sales and revenue targets for the year as global steel demand fell due to the impact of covid-19 and its first quarter profit fell 44% year-on-year.

Among them, this year's expected crude steel output of POSCO steel is reduced to 34.1 million tons from 36.7 million tons released in January; the expected steel sales volume is reduced to 32.4 million tons from 35 million tons; the expected annual sales volume is reduced to 57.54 trillion won (331.1 billion people's yuan) from 63.79 trillion won (367 billion yuan).

Meanwhile, POSCO said its 10 overseas steel plants would be shut down until May, but the exact list was not known.