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Print[Ferro-Alloys.com] POSCO, Korea's leading steelmaker, said that its third quarter earnings more than tripled from a year earlier on cost cutting efforts and reduced financial costs.
POSCO said that net profit reached KRW 723 billion on a consolidated basis in the July to September 2012 period as compared with a profit of KRW 229 billion a year earlier. Sales, however, slipped 7.2% YoY to KRW 15.74 trillion and operating income also dropped 17.6% YoY to KRW 1.06 trillion over the cited period.
Its crude steel output gained 2% YoY to reach 9.66 million tonnes in the third quarter and its sales rose 2.7% YoY to 8.93 million tonnes. Steelmakers' profits have been squeezed as Europe's debt crisis and China's economic slowdown curb demand and reduce prices.
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