South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its financial results for 2013, reporting a net profit of KRW 1.35 trillion ($1.25 billion), decreasing by 43.2 percent compared to the previous year, due to deteriorating market conditions in the steel industry.
In 2013, POSCO's sales revenue amounted to KRW 61.86 trillion ($57.3 billion), down 2.7 percent year on year. Meanwhile, its operating profit for the given year amounted to KRW 2.99 trillion ($2.77 billion), down by 18 percent compared to 2012.
For 2014, POSCO plans to produce 37.7 million mt of crude steel and expects to sell 34.9 million mt of steel products. The company is also aiming to achieve sales revenues of KWR 65.3 trillion ($60.5 billion) in the current year.