POSCO is expected to report 54% rise in its net income

POSCO is expected to report 54% rise in its net income

South Korean steel giant POSCO is expected to report 54% rise, a record level, in its net income in the current quarter. The net income in the first quarter is expected to be Won 721.2 billion ($630 million) against Won 468.7 billion ($410 million) recorded in the same quarter of previous year. POSCO like other major steel producers increased its prices twice this year due to strong demand from China. For instance, in February POSCO increased price of hot rolled coil by 14%, cold rolled coil by 11%. It seems that, POSCO will report record increase in its earnings in the current quarter, as the rise in Chinese demand is continuing, pushing the prices upwards.