POSCO's quarterly profit falls on lower prices

South Korean steel giant POSCO disclosed on Friday that its July-September 2006 period net profit fell 17 percent year on year due to lower steel prices and higher raw material costs. The company's net profit fell to Won 880 billion (around $920 million) in the three months ended September 30, 2006, from Won 1.1 trillion ($1.2 billion) a year earlier. Higher prices for iron ore and coal, along with the lower hot rolled coil price, have weighed on the quarterly results. The company's sales during the period in question fell three percent year on year to Won 5.3 trillion ($5.5 billion).