South Korea's leading steelmaker POSCO said that its earnings sank 36% last year from a year earlier on weak demand and increased costs. The company’s net profit reached KRW 2.39 trillion (USD 2.17 billion) on a consolidated basis last year, compared with a profit of KRW 3.71 billion a year earlier.

Its sales slipped 7.7% on year to KRW 63.6 trillion and operating income also dropped 33.2% to KRW 3.65 trillion over the cited period,.

POSCO, backed by billionaire investor Warren Buffett, said that its operating profit for October to December fell 51% to KRW 379 billion on a parent basis that does not reflect earnings of affiliates from a year earlier, below a consensus forecast of KRW 490 billion n a Reuters' poll of 25 analysts.

The fourth quarter result compared with a KRW 771 billion operating profit a year earlier. Fourth-quarter sales fell 20% to KRW 8.07 trillion compared with a consensus forecast of KRW 8.35 trillion.

Source - Yonhap News

(www.steelguru.com)