South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its financial results for the third quarter, while for the full year it said it expects sales revenues of KRW 63 trillion ($59.2 billion), down from KRW 63.6 trillion in 2012.
In the third quarter of 2013, POSCO's net profit decreased by 22 percent to KRW 564 billion ($530.2 million), compared to the same quarter of the previous year. POSCO's sales revenue in the third quarter totaled KRW 15.2 trillion ($14.3 billion), down 3.7 percent year on year. Meanwhile, its operating profit for the given quarter amounted to KRW 632.8 billion ($594.8 million), down by 38 percent compared to the corresponding quarter of the previous year.
In the third quarter, POSCO produced 8.9 million mt of crude steel, down 7.6 percent, while its finished steel product sales in the same period decreased by 7.3 year on year to 8.3 million mt, with domestic sales accounting for 58 percent of the total.