Posco hoping to buck trend with huge surge in Q3 earnings

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Posco hoping to buck trend with huge surge in Q3 earnings

Posco, Korea’s leading steelmaker, said yesterday that its third-quarter earnings more than tripled from a year earlier on cost-cutting efforts and reduced financial costs.

Net profit reached 723 billion won ($656 million) on a consolidated basis in the July-September period, compared with a profit of 229 billion won a year earlier, the company said.

Sales, however, slipped 7.2 percent on-year to 15.74 trillion won, and operating income also dropped 17.6 percent to 1.06 trillion won over the cited period, it said.

Posco said sales of steel edged up in the third quarter, but its operating margin sank as weak demand led to a drop in steel prices.

Its crude steel output gained 2 percent on-year to reach 9.66 million tons in the third quarter, and its sales rose 2.7 percent on-year to 8.93 million tons, it said.

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