POSCO Announced Financial Report of Net Profit Slump

2011-10-25

Influenced by the slow global economic growth and the exchange loss, the financial report of the world’s 3rd largest steel manufacturer South Korea POSCO showed its Q3 net profit was KRW23.31 billion (USD 203 million), dropping substantially 78% over the same period last year. POSCO indicated, the Q4 profit may decline from the KRW1.09 trillion in Q3 to less than KRW1 trillion. The steel price is expected to continue to fall until the first half of 2012.