POSCO likely to increase prices

POSCO likely to increase prices

South Korean steel giant POSCO reportedly plans to hike its prices in order to close the gap between its prices and the higher prices of imported products. POSCO officials said that the gap between domestic prices and the prices of imports widened because of Japanese steel producers' decisions to increase prices recently. POSCO officials indicated that they plan to follow suit by raising their prices; however, it is not yet clear how much of an increase they will apply. The officials added that POSCO company policy is to keep its prices in line with international prices.