After a dismal 3 months, Posco trims 2013 sales forecast

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After a dismal 3 months, Posco trims 2013 sales forecast

Posco, Korea’s biggest steelmaker, cut its sales forecast for this year after reporting a 22 percent slump in third-quarter profit.

The company’s full-year sales estimate on a group basis was lowered to 63 trillion won ($59.4 billion), from a July prediction of 64 trillion won, Pohang-based Posco said yesterday in a statement.

The lower forecast came after an economic slowdown in China, the world’s biggest steel user, and Europe’s debt crisis cut consumption and prices. Posco said yesterday it would make “all efforts” to improve earnings as global steel demand is likely to recover this quarter.

Sales declined to 15.2 trillion won in the quarter, compared with 15.7 trillion won a year earlier.

Bloomberg

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