Bloomberg News

Posco Second-Quarter Profit Rises 23% to 1.37 Trillion Won

July 22, 2011

July 22 (Bloomberg) -- Posco, the world’s third-biggest steelmaker reported a 23 percent rise in second-quarter profit as sales increased 58 percent.

Net income was 1.37 trillion won ($1.3 billion) in the three months ended June 30, on a consolidated basis, from 1.12 trillion won a year earlier, the Pohang, South Korea-based company said today in a regulatory filing. Consolidated sales, which includes revenue from Posco units, rose to 17.05 trillion won in the quarter while operating profit fell 11 percent to 1.75 trillion won, according to a filing to the Korea Exchange.

The steelmaker produced 9.28 million metric tons of crude steel in the second quarter, up 11 percent from a year earlier.

To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net


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