POSCO reports increase in its Q4 profit

POSCO reports increase in its Q4 profit

South Korean steel producer POSCO has recently announced its financial results regarding the three-month period ended on December 31, 2004. In line with the figures released by POSCO, the company's profit in the subject period increased to Won 1.18 trillion ($1.1 billion) from Won 462.3 billion recorded in the same period of previous year. Sales of the company increased by 43% to Won 5.61 trillion ($5.4 billion) from Won 3.93 trillion recorded in the fourth quarter of 2003. The company doubled its net income after the strong demand in China increased prices. POSCO plans to increase its investments by 79% to Won 4.8 trillion ($4.6 billion) especially in China, India and Brazil as demand in local market is slow. Moreover, it plans to invest in certain projects to secure raw material supply.