S.Korean POSCO paying Won 1.2 trillion from cash flow

S.Korean POSCO paying Won 1.2 trillion from cash flow

Korean giant steel maker POSCO is going to repay Won 1.2 trillion (approximately $1 billion) owing to the matured debt arising from the expansion and modernization plans for its facilities. POSCO stated that they will finance this debt out of cash flow as year-end cash reserves were Won 1.1 trillion (approximately $882.7 billion). Cash reserves are anticipated to have increased to Won 1.3 trillion this year due to the company's good performance in the first months of 2003.