POSCO reports decline in net profit

South Korean steel giant POSCO reported that its net profit fell 44 percent year on year due to lower steel prices and higher raw material costs. The company's net profit fell from Won 1.26 trillion ($1.32 billion) a year ago to Won 709.7 billion ($745.7 million) in the three months ended June 30, 2006. Earnings in the second-half will probably be higher than in the first-half, POSCO said today.