Seoul, Jan 11: Posco, the world's
third-largest steelmaker, said fourth-quarter profit more than
doubled after earnings a year earlier were slashed by one-time
charges for staff cuts and an investment loss.
Net income rose to 936 billion won (USD 997 million) in the three months ended Dec 31, from 364 billion won a year earlier, the Pohang, South Korea-based company said today. Sales climbed 4 per cent to 5.41 trillion won.
Posco is joining global rivals such as Arcelor Mittal in
developing plants in markets with growing demand such as
India and China. Company said today operating profit may rise
5 per cent this year to 4.1 trillion won as it focuses on
cutting costs and raising sales of high- grade products.
Fourth-quarter profit beat the 801.7 billion won median
estimate surveyed by Bloomberg news.