South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its financial results for 2014, reporting a net profit of KRW 556.66 billion ($510.8 million), decreasing by 58.9 percent compared to the previous year.
In 2014, POSCO's sales revenue amounted to KRW 65.1 trillion ($59.7 billion), up 5.2 percent year on year. Meanwhile, its operating profit for the given year amounted to KRW 3.21 trillion ($2.9 billion), up 7.3 percent compared to the previous year.
In the year in question, POSCO produced 35.07 million mt of crude steel, increasing by 2.27 percent, while the company's steel product sales amounted to 34.33 million mt, up 1.2 percent, both year on year.