SEOUL -- Steel giant Posco's operating profit more than quadrupled in the third quarter from a year ago thanks to rising global steel prices, resulting in record-high quarterly earnings.

South Korea's biggest steelmaker said on Monday operating profit hit 3.1 trillion won ($2.7 billion) in the July-September quarter, up 365.7% from the previous year. Revenue jumped 44.7% to 20.6 trillion won during the same period. Net profit, meanwhile, soared fivefold to 2.6 trillion won.

Operating profit rose 41.8% on a quarterly basis, while revenue increased 12.9%.

Posco attributed the stellar performance to upbeat trends in the global steel market as well as improvements at overseas affiliates.

"We set a record in quarterly operating profit as sales prices rose sharply, offsetting an increase in raw material prices," Jeong Kyung-jin, a Posco executive, said in a conference call after the numbers were announced. "The steel industry is maintaining its upbeat trend at home and abroad while global infrastructure also posted robust performance."

The company expects the trend to continue into next year, forecasting global steel demand to rise 2%. "The global demand for steel will recover to the 2019 level in 2022, as the Biden administration in the U.S. and European countries are increasing infrastructure investments," said Kim Young-joong, another Posco executive.

The push by U.S. President Joe Biden for a large investment in infrastructure is good news for Posco, but Washington is also embarking on a green drive to pressure countries and companies to cut CO2 emissions.

Posco said on Monday that it will cut these emissions by 10%, or 7.88 million tons, by 2030 to help the South Korean government achieve its goal of reaching a nationally determined contribution under the 2015 Paris climate agreement, which at the time called for a 40% cut.

"We aim to cut CO2 emissions at our workplaces by 10% by 2030 by improving our work processes," said Posco executive Chun Si-yeol.

Posco shares rose 3.13% to close at 313,000 won.