On April 20, South Korean steel giant POSCO issued its financial results for the first quarter of 2010, while also increasing its steel production and sales projections for the full year of 2010 from 34.4 million mt and KRW 29.5 trillion to 34.5 million mt and KRW 31.9 trillion ($28.53 billion) respectively.
According to the financial results, the net profit of the company was KRW 1.44 trillion ($1.29 billion) during the period in question, increasing 342 percent compared to the corresponding period of 2009. Sales revenues in the first quarter of 2010 saw an increase of 7.4 percent, rising to KRW 9,881 trillion ($8.85 billion) compared to the first quarter of 2009.
The company said that it expects to reduce costs by KRW 92.9 billion ($83 million) by developing 15 new low cost, high quality technologies this year.
Commenting on the 2010 outlook, POSCO CEO Jong-tae Choi said, "Prospect of the business environment in the second half of the year is not bright due to increasing material costs, but we will do our best to reflect our efforts in prices by flexibly applying product prices considering the agreement for international iron ore prices and demand industry market, while also reducing costs, increasing production, and developing mines."