POSCO to raise plate prices

POSCO to raise plate prices

South Korean giant steelmaker POSCO is planning to hike domestic prices of steel plate by about 14% due to a rise seen in import prices. The domestic prices of plate will be increased to Won 455'000/mt (approx. $387) from Won 400'000/mt (approx. $340). The price increase will be valid from December 1, 2003. POSCO officials stated that sales volume of plates accounted 13% of company's total domestic sales in 2002.