It is reported that POSCO's steel production in 2011 hit its highest point ever at 37.32 million tonnes, up by 10.7% YoY as new production facilities went into operation.

POSCO said that it spent KRW 613.3 billion in research and development, up by 28.8% YoY to develop new steel products and new technologies. The steelmaker plans to announce a dividend of KRW 10,000 per share at the shareholder meeting next month.

Mr Chung Joon yang chairman of POSCO said that "We will speed up efforts to raise competitiveness and cut costs to widen the profitability gap with rival companies."

(Sourced from www.heraldm.com)