Hit by declining steel prices, Posco’s earnings drop 11.6%

Home > Business > Economy

print dictionary print

Hit by declining steel prices, Posco’s earnings drop 11.6%

Posco, Korea’s leading steelmaker, said yesterday that its earnings in 2011 dropped 11.6 percent from a year earlier due mainly to low steel prices and increased costs of raw materials.

Net profit reached 3.7 trillion won ($3.31 billion) on a consolidated basis last year, compared with a profit of 4.19 trillion won a year earlier, the company said in a regulatory filing.

Sales rose 44 percent on-year to 68.9 trillion won during the period, while operating income slipped 0.3 percent to 5.41 trillion won, it said.

The figures encompass results from Posco’s domestic and overseas affiliates.

Costs of raw materials, including iron ore and coal, increased nearly 46 percent last year, but the increased costs were not fully reflected in steel prices, the steelmaker said.

More in Economy

Consumer price gains pick up speed in November

Life expectancy up 7 months for Koreans born in 2019

OECD knocks tenth of a point off Korea's 2020 growth

Bos taurus philately

$504 billion budget for 2021 ready for passage

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now