South Korea's POSCO Holdings reported on Monday a record 44% surge in first-quarter operating profit, in line with a preliminary report, as revenue from rising steel demand in the opening months of the year outpaced rising raw material costs.

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The holding company of South Korea's largest steelmaker said consolidated operating profit, including earnings from POSCO International and POSCO Chemical, rose to 2.3 trillion won ($1.84 billion) in the January-March quarter.