POSCO to hike prices in April

POSCO to hike prices in April

South Korean steel giant POSCO will reportedly increase its domestic prices 6-10% in April due to recent hikes in iron ore prices. The hot rolled sheet price will increase from Won 540'000 ($540) to Won 595'000 ($595) per ton. The price of cold rolled sheet will increase 8.6% to Won 695'000 ($695). The plate price will increase 9.7% to Won 680'000 ($680) per ton and the price of coated plate will increase 6% to Won 795'000 ($795) per ton. POSCO officials expect the new prices to boost 2005 fiscal year operating profit by 20%.