POSCO reports record results for 2003

POSCO reports record results for 2003

According to a statement released from POSCO, the company has completed 2003 with record sales and profit figures. For 2003, POSCO reported annual sales of Won 14.36 trillion ($12.16 billion), operating profits of Won 3.06 trillion ($2.59 billion) and net profit of Won 1.98 trillion ($1.68 billion). In line with these figures; sales, operating profit and net profit of the company have increased by 22%, 67% and 80% respectively in 2003, when compared with the figures recorded in 2002. Moreover, equity ratio of POSCO increased from 67.1% recorded in 2002, to 70.4% in 2003, while debt ratio decreased from 49.1% recorded in 2002, to 42% in 2003. POSCO's record figures in 2003 are attributed to recovery in steel prices in 2003, supported by steel consuming mills. Moreover, that the sales of value added products of POSCO, such as automotive steel sheet and electrical steel sheet, have increased contributed to these figures. For 2004, POSCO targets its sales to amount Won 16.88 trillion ($14.29 billion) with an increase of 17.5% and operating profit to amount Won 3.18 trillion ($2.69 billion) with an increase of 3.9%. POSCO also plans to invest in Korea and foreign countries, particularly in China, India and South Africa in the coming years and to increase production capacity to be effected as of 2004. POSCO's investment in Korea is reported to amount Won 10.7 trillion ($9.06 billion). Moreover, raw steel production is planned to be increased to 42 million tons in ten years' time and domestic output to 32 million tons by 2008 from the current volume of 28.9 million tons.