S.Korean POSCO increases operating profit in July
Korean steel making giant POSCO announced that its operating profit in July grew up by 44.4% reaching to Won 195 billion ($ 164.2 million) from Won 135 billion recorded same month previous year. POSCO attributed this result to cost cutting measures, improving Chinese economy that resulted with good demand from
China and the recovery seen in steel prices which helped POSCO's prices to rise 19% in the first half.