POSCO to sell non-operating facilities
According to the market reports from the industry, South Korean steelmaker giant POSCO is planning to sell its non-operating steel
production facilities to Iranian steel producer Shertal by the end of January against Won 141.6 billion ($118.5 million).
The facility located in Gwangyang, South Cholla province has an annual
production capacity of 2 million tons of steel, however
construction of the facility has not been completed yet.
POSCO reported a net profit of Won 1.52 trillion ($1.3 billion) for the first nine months of 2003. Company's sales rose by 23% to Won 10.4 trillion ($8.7 billion) in the same period while operating profit increased by 92% to Won 2.3 trillion ($1.9 billion).
POSCO will announce its 2003 earnings and business plan for 2004 in mid January.