POSCO's business results for 2002 is announced

POSCO’s business results for 2002 is announced

POSCO announced its business results and held discussions with participants on January 16, 2003 in the annual CEO forums, which have been organized for four consequtive years starting in 2000. According to POSCO's Chairman and CEO Sang-Boo Yoo's announcement, the company achieved its highest ever sales of 11.7 trillion Won (approximately $9.8 billion), and an operating income of 1.8 trillion Won, a 28.3% increase when compared to last year. Furthermore POSCO recorded a net income of 1.1 trillion Won, which is equivalent to a 34.4% increase from 2001, due to the price recovery after the incredibly sharp decrease in prices in early last year together with company's efforts to minimize manufacturing cost rises. After POSCO liquidated large amounts of its treasury stocks in 2001 and 2002, the company is expecting a significant increase in its dividend rate in a bid to enhance shareholder value. The rate for 2002 is expected to reach 70% when compared to a dividend rate of 50% in year 2001. Chairman Yoo expressed that POSCO is targeting a 12.4 trillion Won sale in 2003 with a 14.2% growth in operating income compared with 2002, which is equivalent to a total of 2.1 trillion Won. The company also plans to allocate a total of 1.6 trillion Won for investment in improving the company's competitiveness.