POSCO Posts Dismal Earnings

POSCO posted an earnings shock last year despite sales of W61.86 trillion (US$1=W1,080). Operating profit fell 18 percent on-year to W3 trillion and net profit plummeted 43 percent to W1.36 trillion.

The decline is largely due to the fall in product prices led by shrinking demand for steel both at home and abroad as well as oversupply from China.

Prices fell around W100,000 per ton. POSCO produced 36.41 million tons of crude steel last year and sold 33.93 million tons of products, down 4.1 percent and 3.2 percent from a year earlier.

englishnews@chosun.com / Jan. 29, 2014 12:02 KST