Typhoon damage hits steelmaker Posco’s operating profits

South Korean steelmaker Posco Holdings Inc.’s operating profit plunged 71% year-on-year to 900 billion South Korean won ($633 million) in the third quarter of the year, mainly due to a prolonged production suspension triggered by Typhoon Hinnamnor in September, The Korea Herald reported citing Yonhap. Posco was forced to halt three blast furnaces at its steel-processing processing facilities in Pohang, South Korea, due to the heavy rains and floods caused by Typhoon Hinnamnor.