POSCO sees increase in profit
South Korean steelmaker POSCO disclosed that its third-quarter profit rose 4.9 percent year on year due to the increased demand from
China for high-grade steel.
POSCO indicated that the company's profit reached Won 1.06 trillion ($1.02 billion) in the three months ended September 30, up from Won 1.01 trillion ($970 million) a year earlier.
Analysts had been expecting that the increase in raw material procurement costs would have reduced the company's profits despite solid demand.
POSCO's sales rose 6.1 percent year on year to Won 5.46 trillion ($5.2 billion) in the third quarter.