POSCO reports 2005 results

POSCO reports 2005 results

Announcing Won 21.7 trillion ($22 billion) sales revenue and Won 4 trillion ($4.05 billion) net profit in 2005, South Korean Pohang Iron and Steel Company (POSCO) plans to improve its technology and increase high quality flat steel production in 2006. POSCO's sales revenue in 2005 represents a 9.6 percent, or Won 1.9 trillion ($1.93 billion) year on year increase. Meanwhile the net profit accounted for 27.2 percent of total sales revenue. The net profit ratio in 2004 was 25.5 percent. The company produced approximately 30.5 million tons of crude steel, up 1 percent year on year and sold around 29.2 million tons, down 1.7 percent. POSCO is planning to invest more on advanced products, higher capacities and lower costs. The plans include the acquisition of 6CGL and FINEX technologies to increase overall production capacity and especially electric steel sheet and other high end products. These technologies are expected to expand POSCO's annual steelmaking capacity in South Korea to 35 million tons by 2008 and its production in India to 15 million tons and overall production capacity to 50 million tons.