POSCO expects to report Won 1.9 trillion profit

POSCO expects to report Won 1.9 trillion profit

South Korean steelmaker POSCO expects to announce Won 1.9 trillion ($1.59 billion) net profit for 2003, up by 73% compared to Won 1.1 trillion ($920 million) recorded in 2002. The company's sales are expected to reach Won 14.3 trillion ($11.9 billion) in 2003 from Won 11.7 trillion ($9.7 billion) in 2002. POSCO stated that it plans to focus more on its businesses in China and Southeast Asia in 2004. Analysts expressed that POSCO's strong 2003 earnings are in relation with the increase in sales to China and growth in demand from the local construction and shipbuilding industries.