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POSCO sees diminishing steel demand in 2012
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Thursday, 22 Nov 2012

South Korean steel giant POSCO has cut its sales forecast for the third time this year, after its operating profit fell sharply in the third quarter because of weaker steel demand and lower prices.

The company now expects its full year sales to reach KRW 36.3 trillion, which is more than 10% lower than its initial forecast in April 2012. It has also reduced its investment for 2012 to KRW 3.9 trillion down more than 30% from 2011.

On the acquisition front, POSCO, the world's fourth largest steel maker by output, remains optimistic about a potential purchase of Australian miner and steel maker Arrium.

In a consortium with Noble Group (the Asia based commodities trader), it recently offered to buy Arrium for about USD 1 billion, but the bid was rejected. POSCO is also reported to have submitted a first round bid for Thyssen Krupp's steel mills in Brazil and the USA.

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