South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced that in 2011 its sales revenue totaled $34.154 billion, up 20.2 percent year on year. Meanwhile, its operating profit for the year amounted to $3.659 billion, down by 12.3 percent, while its net profit totaled $2.85 billion, down 13.6 percent, both on year-on-year basis.
POSCO stated that last year its sales revenue increased sharply in line with rising product prices, while its operating profit declined due to price hikes for raw material. However, overall, considering the reduced demand in the global market and the higher prices of raw material, POSCO considers its operating profit to be a relatively good result.