POSCO reached historic levels in the first half of the year
The giant South Korean steel producer POSCO has achieved its highest profit ever for the first half of this year due to increase in exports as well as an increase in production. POSCO has reported its sales as Won 6.8 trillion (approx. $5.8 billion) for the first six months with a 24.5% increase when compared to same period last year. Furthermore, the company announced its operating profits as Won 1.6 trillion and net profit as Won 1 trillion. Compared with the same period last year, POSCO achieved increases of 157% in operating profits and 184% in net profits. In addition, company increased crude steel production by % 2.4 to 14 million tons during this period when compared to the same period last year due to opening of blast furnace in Gwangyang last year. Also, sales showed an increase of 3.7% and reached to 13.8 million tons in the first six months of this year. Company's exports increased to 3.2 million tons up 120'000 tons due to favorable conditions in overseas steel markets, including the Chinese market. Furthermore, the company debts in loans decreased from Won 4.2 trillion to Won 3.8 trillion.