POSCO reports record profit for Q3 of 2004
South Korean steel giant POSCO has recently announced financial results regarding third quarter of 2004. According to the results released, the company reported a record net profit of Won 1.012 trillion ($879 million) for the third quarter of 2004. The figure indicates a rise of 102.4% against the net profit recorded in the third quarter of 2003. The company officials attribute the increase in the profit to strong steel prices. POSCO also reported its crude steel production volume as 7.6 million tons for the third quarter, covering the period of July-September. In the third quarter, sales volume of the company increased by 4% to 7.35 million tons against the corresponding period of previous year. Furthermore, sales reached Won 5.144 trillion ($4.46 billion), up by 41% against $3.17 billion recorded in the third quarter of 2003. Operating profit of the company increased by 72.5% to Won 1.244 trillion ($1.08 billion) against the figure recorded in the same period of previous year.